The FSC in the Policy, Regulation & Advocacy Space December 2021

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December 23, 2021

Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill

On 9 November 2021, members of the Taxation Committee and the Workplace Savings Committee provided feedback on the FSC submission on the Bill. The key areas of focus were calculating the amounts of tax for employer’s superannuation cash contributions, expressing that we do not support ACC and KiwiSaver being made subject to a time bar to align with PAYE deductions, and FDR FX hedging rules feedback.

On 8 December, Mike Woodbury from the Workplace Savings Committee and Taxation Committee Co-Chair Adele Smith provided oral submissions on the Bill on behalf of the FSC. Both did a fantastic job conveying our positions and responding to several Committee questions showing their technical knowledge and expertise in this space, thank you both!

The video of all oral submissions is available here. The FSC will continue conversations with the Inland Revenue prior to their provision of recommendations to the Committee. The Select Committee Report is due on 23 March 2022.

Farewell – John Cantin, KPMG
The FSC would like to express our thanks and gratitude to John Cantin for his tremendous contribution to the FSC over many years, assisting with taxation, IFRS 17 and solvency matters and crafting letters and submissions to the regulators. You will be missed by the FSC team and members. We wish you all the best.

Expressions of Interest sought – Upcoming FSC Submissions 2022:
The following consultations are marked as For Noting in the Regulatory Outlook, however if you are interested in providing feedback to form an industry submission on any of the following, please let us know.

If we receive sufficient member interest we will circulate a submission timetable in early January 2022 for the Deposit Takers Bill and early February for the March closing consultations.

Regulatory Outlook
Please contact us if you would like a copy of either the 16 December 2021 edition or any other past editions. Available to FSC members only. The first Regulatory Outlook for 2022 will be available on 15 February 2022.

About these updates:

The FSC frequently engages with regulators, policy makers and industry leaders to discuss pertinent issues relevant to the sector. These updates are designed to inform our members of what's currently happening and what's coming up in the policy, regulation and advocacy space.