On 3 May 2016, the New Zealand government introduced the Taxation (Annual Rates for 2016-2017, Closely Held Companies, and Remedial Matters) Bill. The main measures as provided in the Departmental Disclosure Statement for the Bill, dated 28 April 2016, are summarized as follows.
Closely Held Companies
The Bill proposes a number of changes to the look-through company (LTC) rules and the dividend rules as they apply to closely held companies. The changes are intended to simplify the rules t…