Government delays changes to tax schemes

The Government has delayed changes to tax schemes involving leases on overseas assets and says it needs more time to consider the issue.

The proposed law changes were announced in June and are part of a taxation bill which is being considered by Parliament's finance and expenditure committee.

Finance Minister Michael Cullen and Revenue Minister Peter Dunne said today submissions had raised complex policy issues.

"The Government has therefore written to the select committee to advise it that more time is needed for consideration of the points raised in submissions, and for the time being does not wish to continue with the amendment," they said.

"If the amendments can be delayed for a short time, once the policy questions have been resolved the Government will aim to have them legislated for at the earliest opportunity."

- NZPA