Bayly AndrewANDREW BAYLY (National—Hunua): It is a pleasure to be talking on this Taxation (Business Tax Exchange of Information and Remedial Matters) Bill in its third reading. It is also great to hear that all parties in Parliament are supporting this excellent bill. As we have all heard it has four key aspects. First of all it makes paying tax easier for businesses which for business owners is absolutely essential. So just to recap on that: for existing payment methods which involves provisional tax and terminal tax what we have done in this bill is actually increase the use of money interest and increase the safe harbour provisions from $50000 to $60000 but we have also removed in this bill the penalties around use of money for the first two provisional payments. So that is for taxpayers who choose to use the existing payment system for their tax. But the major change is really the new accounting income method which actually allows people to pay their tax such as they do with GST as they go which personally I think is a very good proposal and a fantastic initiative for those 500000 small businesses in New Zealand.The second aspect of the bill—the main aspect—is about the automatic exchange of financial accounting information on tax matters. We have picked up some of the issues and recommendations. We are moving to implement them as fast as possible. But the two key changes in this part of the bill are about requiring foreign trusts to be registered with the Inland Revenue Department when they are established and allowing the Inland Revenue Department to actually check with other agencies regarding their status.Secondly this bill requires foreign trustees of a foreign trust to file an annual return. There are a whole lot of specific recommendations and requirements—I certainly covered this in the second reading debate—but they are very very specific and entail a lot of detail that needs to be updated regularly on an annual basis. So I think that striking the balance around that has been really important.The third part is around the deployment of stage one of the Inland Revenue project. Most people do not know the scale of it. It was originally going to be about a $1.8 billion project. It is now projected to cost under $1 billion. There are four stages to it. This bill deals with the first stage and it just makes that able to happen and enables that from a statutory perspective. At the moment there is a rollout of GST coming on the first stage of the IRD platform which is great to see. Of course when this whole programme comes to pass and is completed and implemented it will provide a much better connectivity between the IRD and taxpayers.Of course the last one is around the foreign trust disclosure rules. Obviously there has been a lot of debate about this in Parliament. Personally I think we have struck a good balance between what we think is absolutely required and the issue of perception. I think where we have ended up will hold New Zealand in good stead internationally in terms of being seen as a very good place for business. Of course we are number one in terms of being the least corrupt country in the world and that just reinforces that position. I think this bill does that and supports and underpins it and on that basis I commend this bill to the House.