Government urged to repeal gift duty

The Institute of Chartered Accountants and the Corporate Taxpayer Group are urging the government to repeal the gift duty.The duty currently kicks in at a threshold of $27,000 – a level set in 1984 – and some changes to relieve an unintended application of the duty to businesses are currently before Parliament.The changes are part of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver and Remedial Matters) Bill and are aimed at tidying up anomalies in existing rules.

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