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<p>The Minister of Revenue David Parker has introduced the Taxation (Income Tax Rate and Other Amendments) Bill. It contains four main measures:</p>
<ul>
<li>introducing a new top personal income tax rate of 39%</li>
<li>introducing increased disclosure requirements for trusts</li>
<li>increasing the Minimum Family Tax Credit threshold for the 2020–21 tax year, and</li>
<li>clarifying more generally that Inland Revenue can request information solely for tax policy development purposes.</li>
</ul>
<p>For details on these, see:</p>
<ul>
<li>the <a href="/news/2020/2020-12-02-introduction-taxation-income-tax-rate-other-amendments-bill#statement">media statement</a> from the Minister of Finance and the Minister of Revenue</li>
<li>the <a href="http://legislation.govt.nz/bill/government/2020/0002/14.0/versions.aspx">Bill</a> and <a href="http://disclosure.legislation.govt.nz/bill/government/2020/2/">departmental disclosure statement</a></li>
<li>the <a href="/publications/2020/2020-ria-top-personal-income-tax-rate">regulatory impact assessment</a></li>
<li>the <a href="/publications/2020/2020-commentary-itroa-bill">commentary on the Bill</a>, and</li>
<li><a href="/publications/2020/2020-ir-cab-20-sub-0484">supporting documents</a></li>
</ul>
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