Introduced on Dec 6. The Bill seeks to prevent multinationals from using;  artificially high interest rates on loans from related parties to shift profits out of New Zealand (interest limitation rules), artificial arrangements to avoid having a taxable presence (a permanent establishment) in New Zealand, transfer pricing payments to shift profits into their offshore group members in a manner not reflecting the actual economic activities undertaken in New Zealand and offshore; and hybrid and branch mismatches exploiting differences between countries’ tax rules to achieve an advantageous tax position. First reading debate held on Dec 12 with all parties agreeing to send the Bill to the Finance and Expenditure Committee. Reported back on May 15 with a number of changes. These included amendments around the attempts to limit artificially high interest rates on loans from related parties to shift profits offshore and other artificial arrangements. There are also changes to related party transactions rules and hybrid and branch mismatches exploiting differences between countries’ tax rules to achieve an advantageous tax position.Second reading completed on May 23 and committee stage interrupted on June 12. Committee stage completed on June 21 and third reading on June 26. All parties in support. Taxation (Neutralising Base Erosion and Profit Shifting) Bill