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<p>The Government&rsquo;s Taxation Principles Reporting Bil<span style="text-decoration: underline;">l</span> was passed by Parliament on 23 August 2023. The new legislation aims to increase transparency and the public&rsquo;s understanding of tax policy development by establishing a reporting framework informed by tax principles.</p>
<p>The Bill requires Inland Revenue to publish a report on the operation of the tax system in light of these principles. The first of these reports is due by the end of this year.</p>
<p>The Bill now awaits the Royal assent. Detailed coverage of the new legislation will be provided in an upcoming <em>Tax Information Bulletin</em>.</p>
<p>View the Bill at the Government Legislation website:</p>
<p><span style="text-decoration: underline;"><a href="https://legislation.govt.nz/bill/government/2023/0253/latest/versions.aspx" class="quick-links-external">Taxation Principles Reporting Bill</a></span></p>

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