CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. NZ Agrees Mandate, Leadership For 'Fairer Tax' Working Group

NZ Agrees Mandate, Leadership For 'Fairer Tax' Working Group

by Mary Swire, Tax-News.com, Hong Kong

29 November 2017


New Zealand's Government has agreed to the formation of a Tax Working Group, to be chaired by Sir Michael Cullen, which will consider changes to the structure, fairness, and balance of the country's tax system.

Finance Minister Grant Robertson said: "This Government is committed to a fair and progressive tax system. It is important that New Zealanders have confidence in their tax system and know that everyone is paying their fair share. At the moment the tax system appears unfair – for example, it doesn't treat income from speculation in housing as it does income from work. We want to consider how we can create a better balanced system and can encourage a shift to investment in the productive economy."

"Individual wage-earners, businesses, asset owners, and speculators should pay their fair share of tax. Right now we don't think that is happening. This working group is not about increasing income tax or the rate of GST, but rather introducing more fairness across all taxpayers. The Working Group will also consider how the tax system can contribute to positive environmental outcomes and the impact of likely changes to the economic environment, demographics, technology, and employment practices over the next decade."

"As former Minister of Finance from 1999 to 2008, Sir Michael's credentials are impeccable and he will be a huge asset to the Working Group. The other members of the Working Group will be announced before Christmas. They will include a diverse range of tax and finance experts and representatives of the business and wider community."

"Final recommendations to Ministers are expected by February 2019. As promised before the election, any significant changes legislated for from the Group's final report will not come into force until the 2021 tax year. As we promised during the election campaign, certain areas will be outside the scope of the review, including increasing any income tax rate, the rate of GST, inheritance tax, and changes that would apply to the family home or land beneath it," Robertson said.

TAGS: inheritance tax | environment | Finance | tax | investment | business | speculation | goods and services tax (GST) | New Zealand | services | Work | Tax

To see today's news, click here.

 
















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »