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Today Revenue Minister Stuart Nash announced that the Government would move to restrict the issuance of donation tax credits and gift deductions to cash donations (including payments made by credit card or bank transfer). The announcement follows a Court of Appeal decision on Tuesday 17 December that ruled that under current law, donors are entitled to claim a tax credit or gift deduction on debt forgiveness. The proposed change would be included as a late item in the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill due for its second reading in Parliament early next year.
For more information see the Minister of Revenue’s media statement and the related Court of Appeal Decision (PDF 257 KB).
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