WELLINGTON, New Zealand (CMC) -- New Zealand defeated West Indies by an innings and 73 runs on the third day of the second test at the Basin Reserve on Friday.
Scores: New Zealand 441 all out (Taylor 129, Watling 65, Best 4-110, Gabriel 2-86, Sammy 2-92)
West Indies 193 (Samuels 60, Edwards 55, Boult 6-40, Southee 2-58, ...more »
NEW tax incentives geared at encouraging increased production across the business landscape were tabled in the House of Representatives yesterday by Minister of Finance and Planning Dr Peter Philips.
Dr Phillips was only able to table two of the four tax incentive-related Bills he should have brought to the House. However, he said he was satisfied, as the tabling of the two Bills were primarily to meet another benchmark in the Government's Extended Fund Facility agreement with the International Monetary Fund (IMF).
"Critically, the tabling of the Bills today meets an important structural benchmark, agreed with the IMF, that involved a deadline for the preparation and tabling of legislation providing a consolidated, generalised incentives regime," Phillips told the House.
The Bills tabled yesterday were the Fiscal Incentives (Miscellaneous Provisions) Act 2013, which sets out reforms to be carried out to corporate tax credits, changes to capital allowance regimes, and the revision of provisions governing tax losses; and the Income Tax Relief (Large Scale projects and Pioneer Industries) Act 2013, which sets out provisions for designation of large-scale projects and pioneer industries that would qualify for tax credit under the Income Tax Act.
The others to be tabled are the Customs Tariff (Revision) (Amendment) Resolution 2013, and the Stamp Duty (Amendment of Schedule) Order 2013.
The new regime replaces myriad pieces of legislation put in place since the 1940s, Phillips said. He added that he was satisfied that the "body of work" will advance the tax reform process and establish a platform for growth and incentivise production.
However, he said that the new regime is only one piece of the broader tax reform exercise being undertaken, and which is guided by the principle of ensuring growth with equity, transparency and simplicity.
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