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  "documentTitle": "National Budget 2024/25 For Our Humanity: Now's the time to work together.",
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      "text": "The plan is now to present the bill in the first parliamentary session in 2025.",
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      "text": "Introduction of an excise on e-cigarettes and associated items\nUpdate of the harmonised systems to align for the treatment of electric and hybrid vehicles. A 10% duty applies to hybrids and zero rating for fully electric vehicles.",
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      "text": "This year appears to be no exception to this challenge. The budget 2025 papers contain five separate amending acts for the income tax elements of this year's changes, and further bills for GST and excise. There appear to be a number of areas in which the intent of the measures may require further legislative amendments in order to give effect to parliament's intent. Having a simpler legislative structure in the future continues to be a policy aim for the government, and has been one of the drivers of the process of rewriting the Income Tax Act.",
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      "text": "However, it appears that the legislative amendments included only deal with the second of these intended changes and the fate of the updating the testing period to being based on current year turnover is unclear.",
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      "text": "The excise system has for some years had automated increases based on an indexation rate applicable to alcohol and tobacco sectors on a six monthly cycle. However, the budget announces a freeze on this indexation for alcohol and Tier 1 tobacco products. Tier 2 tobacco products bear a lower excise burden, but the application of the Tier 2 rates are subject to a quota. The current budget modifies the methodology for determining the amount of Tier 2 product.",
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      "text": "Ultimately, giving effect to the policy statements explained in the budget papers and the speeches that accompany proposed fiscal amendments is done through the drafting of new or amending legislation. This process is complex, in particular given the complex historical background of the primary income tax legislation - which has been in existence for over 60 years. It is not uncommon for some technical drafting challenges to potentially thwart the announced legislative intent of different tax measures.",
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      "text": "It was heavily reported that budget 2025 would see the introduction of what will be arguably the most significant tax legislative change in more than 60 years with the presentation of the new Income Tax Act 2024 (the new act). However, the new act does not form part of the bills presented to parliament during this budget session. While still anticipated to come into effect from 1 January 2026, the introduction of new legislation has been further delayed. The plan is now to present the bill in the first parliamentary session in 2025. The government appears to remain committed to the prospect of the new act and has been taking steps to socialise the range of changes at the cabinet level.",
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