Foss Craig: Taxation (International Taxation Life Insurance and Remedial Matters) Bill — In Committee Third Reading 
Foss Craig: Taxation (International Taxation Life Insurance and Remedial Matters) Bill — In Committee Third Reading 
[Volume:657;Page:6643] 
CRAIG FOSS (National—Tukituki) 
: 
 I rise to speak in the continuation of the Committee stage of the very large Taxation (International Taxation Life Insurance and Remedial Matters) Bill. I acknowledge members giving leave to combine the debate on the remaining parts of this bill in order to facilitate its completion. 
Much was said about the bill by speakers when we last addressed it and I am sure we will hear some more points now and in the third reading. We are speaking about Parts 3 to 7 which include clauses 518 to 629 and the title. They cover about 140 pages which points to the substantial nature and breadth of the bill. We must also note that a large part of the original bill is no longer in this bill because it formed part of the small to medium sized enterprise tax recession assistance bill the Taxation (Business Tax Measures) Bill which we passed in March. 
I would make the point that we have an additional Supplementary Order Paper—34. I understand that it consists of simple remedial drafting changes to the substantial legislation and I would be interested to have an assurance that in fact that is the case. I fully accept that it has no policy change from what the select committee saw and what many many submitters spent much time on at the select committee. 
I should acknowledge as this will probably be my final time speaking in the Committee stage the assistance of the Minister of Revenue officials and members of the Finance and Expenditure Committee both in the previous Parliament and in this Parliament in facilitating this bill going through to at least this stage. Cooperation was extended in many many areas. I acknowledge that other members have recorded that for  
Hansard 
 and I appreciate that. I also acknowledge that at times the select committee had to begin meetings early and finish late to facilitate the process. 
When the Minister spoke earlier he spoke about the need the commercial imperative to provide some certainty for the many many sectors of business affected by the bill from insurance to payroll to you name it—to the Inland Revenue Department itself—as to when certain parts of this wide-ranging bill would be implemented. I agree totally with what the Minister said. The commentary states that the Finance and Expenditure Committee was not particularly pleased with the breadth of the bill with its wide-ranging nature and all the commentators also picked up on that. But that does not mean that the bill did not go through the due process. I note that many of the discussion documents that led to this bill particularly those about some matters that have already been raised in the debate actually appeared under the previous administration—as far back as 2006 and even 2007. The legislation was introduced in July 2008 I think it came to the Finance and Expenditure Committee in September or October 2008 and we picked it up with a vengeance early this year as Parliament got back to normal behaviour if you like. 
That was just a quick note to acknowledge all those who have assisted with the bill to reiterate the points made in the commentary and also to put on record for those who pay strict attention to the commentary of the bill not to misinterpret the commentary or to try to put words into it. The commentary speaks for itself and it is not meant to be anything other than the thoughts of the committee at that time. Other speakers have alluded to some of the issues in and around that. On that note I look forward to the third reading.