New Zealand Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the establishment of a tax working group to recommend changes to the tax system to improve the fairness of the system.
The working group will led by Sir Michael Cullen, who served as Minister of Finance from 1999 to 2008. The other members will be announced by year-end.
“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,” the ministers said in a statement.
The ministers said that the working group will also consider how the tax system can contribute to positive environmental outcomes as well as the impact of likely changes to the economic environment, demographics, technology, and employment practices.
The group will not consider tax rate increases for the income tax, value added tax, or inheritance tax, or any changes to the taxation of residences.
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