Lu NancyNANCY LU (National): As a member of the Finance and Expenditure Committee I am very pleased to stand in front of you today to commend the Taxation (Annual Rates for 2023-24 Multinational Tax and Remedial Matters) Bill second reading to the House. The Finance and Expenditure Committee met multiple times and heard many public submissions from industry experts tax experts independent specialist advisers policy advisers as well as individual day-to-day New Zealanders who had a genuine interest and their best intention was to give their recommendation to the Finance and Expenditure Committee. If I can share a little bit of the public submissions that we heard there were 67 interested groups of written submissions and individuals that we received and considered. As the select committee we also heard oral evidence from 25 submitters. As a Finance and Expenditure Committee member and as my first term as a new member of Parliament I really wanted to say a big thankyou to these New Zealanders who have come forward to give their best advice to the House to the select committee on what they see is the best future for New Zealand. If I may now—to join the many people before me the many members before me—thank Therese Turner for her excellent contribution over 25 years as an independent specialist adviser on many many tax bills. When I had the opportunity to listen to her and to have her advice I thought she would have been one of the best tax lecturers I could have wished for during my university years. And during the later stages of our select committee meeting when I found out that she had decided to take a step back and step down as an adviser to us I felt very disappointed—disappointed that I hadn't met her earlier so that I could learn more from her and make a good contribution to the House. So I look forward to the second Therese Turner to the third Therese Turner who can be very helpful to us. If I can in my time bring us back to the 10 main provisions of this bill in front of the House. Those were clearly laid out by members before me already so I won't repeat them. But the main provisions that I really really wanted to talk on today are the three which are the global anti-base erosion (GloBE) rules the trustee tax rate as well as the restoring of the brightline test back to two years.The reason why I wanted to address these three main provisions particularly are because of the messages that I have received through email on doorsteps through phone calls through many many of my former colleagues in the tax and accounting industry who have come forward to say to me Finally finally you guys"—"you guys" referring to the Government—"are finally listening to what people in the industry really wanted." For that I wanted to give three key messages that I have received. One is around our adoption of the OECD's GloBE rules. The key point that I received was: we are not re-creating the rules; we are learning from the best practices and we are adopting them. We are looking for ways that we can be efficient and effective and we are bringing the best practices to New Zealand. Also on the trust tax rates what I have also heard was our best effort to understand what is really captured between the trusts and between the individual tax rate—the discrepancies in the tax system. The compliments that I have received were about the de minimis of $10000—that we have thought about the alignment but we have also thought about what is practical for New Zealand.Lastly the amendment that I have received a lot of compliments about was restoring the brightline test to two years. From the many many doors that I have knocked on and phone calls that I have made the fact is that most of the households here are mums and dads who really just wanted the two years back because they need the flexibility—ASSISTANT SPEAKER (Greg O'Connor): Ms Lu you've been sitting in the House. You know that's a proposed amendment that you can refer to but you're getting into some tintacks.NANCY LU: Thank you Mr Speaker. So if I can say listening to all the opinions—from the many different perspectives different political backgrounds on the select committee but also the many different social backgrounds many different targets and different goals and from the many stakeholders—I wanted to say I am honoured to be part of a team that was able to see across all the differences and rise above stand back and finally agree on something so that we can highlight New Zealand's dedication to forming tax policies that are modern that are efficient and that are effective. As a member of the Finance and Expenditure Committee and for the National Party I am pleased to present this bill to you which we've agreed on unanimously and to recommend this stage to the House. Thank you Mr Speaker.ASSISTANT SPEAKER (Greg O'Connor): This is a five-minute split call—Rachel Boyack."