The long awaited Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill has now been reported back to Parliament. This Bill was originally introduced in July 2008 but it lapsed with the dissolution of the previous Parliament in the lead-up to the general election. It was re-introduced in December 2008.

The IRD has issued a draft interpretation statement for public comment which proposes broadening the meaning of ‘building’ in the depreciation provisions to include some structures not previously treated as buildings, such as agricultural structures and industrial structures.