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OECD Survey Urges Tax Reforms In New Zealand

by Mary Swire, for LawAndTax-News.com, Hong Kong

09 May 2007


A survey conducted by the Organisation for Economic Cooperation and Development (OECD) late last month has urged the New Zealand authorities to implement tax reforms.

In addition to examining ways in which to raise the country's living standards, address the challenge of an ageing population, and foster the development of deeper and more diverse financial markets, the OECD report observed of the country's tax regime that:

"After the radical reforms undertaken in the 1980s, the NZ tax system has long been regarded as one of most efficient within the OECD, and is based on a comprehensive income approach. Looking forward, the country will require a tax regime that helps the economy to continue raising living standards, supports savings and investment and copes with emerging pressures such as increasing geographic mobility of labour and capital."

"In this context, it will be important to have in place a clear long-term direction for the tax system to guide reforms. There are at least two broad options that are worth considering: adapting the system within a comprehensive income approach or adopting a dual income tax system. Future changes to the tax system need to be consistent with the approach ultimately adopted. In any case, a number of limitations of current tax bases will need to be tackled."

The full text of the OECD 2007 Economic Survey of New Zealand can be found in the Tax News Resources section.

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