In this edition of Taxpayer Talk, Peter Williams’s guest is National Party MP and Revenue Spokesperson, Andrew Bayly. Peter and Andrew sit down to discuss the Inland Revenue Department's new powers to request information from individuals.
In 2020, while all the attention was focused on the new 39% top tax rate, another clause was added into the Tax Administration Act 1994 that gives the IRD Commissioner the power to demand any information from individuals that they consider relevant for a purpose relating to the development of policy for the improvement or reform of the tax system. While this clause sounds well-intentioned, it was snuck through under urgency with no public consultation or expert evidence. We highlight some of these issues in our article about what these new powers mean for you.
Also discussed in this podcast is the National Party position on tax bracket indexation and the 39% top tax rate.
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