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13 May 08 Update on TOFA changes

The Government will extend the debt/equity transitional arrangements to 1 July 2008 to ensure that the income tax law preceding the debt/equity tax rules continues to apply to Upper Tier 2 instruments.

The Government will amend and reintroduce the Taxation of Financial Arrangements Stages 3 and 4 measures, with effect from 1 July 2009. The measures lapsed when Parliament was prorogued in October 2007. The amendments will also address further interactions with other parts of the tax law, remove an elective start date of 1 July 2008 and deal with various technical issues.

The Government will proceed with amendments to the foreign currency provisions of the income tax law to extend the scope of a number of compliance cost saving measures in the law, and to make technical amendments to ensure that the provisions operate as intended. Since their introduction a number of issues concerning their operation have been raised by industry and professional bodies. The amendments will address many of the concerns by extending the scope of compliance cost saving measures in the provisions and ensuring that the provisions operate as intended. The amendments, which will have effect from 1 July 2003, will be developed in consultation with interested parties.

For a copy of the Treasurer's press release, No 2008/54, 13 May 2008, go here

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