Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Praise for listening to feedback on CGT challenges

Chartered Accountants Australia and New Zealand (CA ANZ) today praised the Coalition Government for listening to feedback on the challenges of wide-ranging tax reforms and the importance of maintaining the integrity and simplicity of the tax system.

“As was acknowledged at the start of the Tax Working Group exercise, New Zealand has by international standards a largely simple and efficient tax system,” said CA ANZ Tax Leader, John Cuthbertson.

“Today’s announcement reflects that, and it was good to see the Prime Minister emphasising the need to maintain the simplicity of our tax system and minimising the risk of creating distortions.”

Cuthbertson praised the working group for giving the tax community the opportunity to explore the detailed design of a range of tax issues including measures to support small businesses, the integrity and administration of the tax system such as dealing with multinationals and finally, the viability of a capital gains tax.

“A lot of the groundwork has been laid for the future.”

However, he said the tax community won’t be relaxing any time soon, with many important recommendations targeting small business, start-ups and compliance costs being pushed onto Inland Revenue’s tax policy work programme.

CA ANZ is disappointed that the recommendation to establish a taxpayer advocate service to assist with the resolution of tax disputes will not be progressed. “We believe this feature would have made a significant contribution to enhance taxpayers’ trust in the tax system,” Cuthbertson said.



Chartered Accountants Australia and New Zealand also believes key long-term issues facing New Zealand’s tax system will require more work, in particular the reliance on a small number of individual taxpayers as the largest single source of the country’s tax revenue.

Individual income tax is New Zealand’s highest revenue earner with more than 40 percent of the total tax take.

“It is crucial that we continue to think about the sustainability and future of our tax base, and the risks posed by a shrinking income tax pool due to advances in technology, the changing work landscape and ageing population.

“Today’s announcements do not explicitly address these concerns.”


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

SCOOP COVERAGE: CHRISTCHURCH MOSQUES TERROR ATTACK


Countries, Tech Companies Sign Up: Christchurch Call To Eliminate Extremist Online Content

French President Emmanuel Macron and New Zealand Prime Minister Jacinda Ardern have led a group of world leaders, tech companies and organisations to adopt a pledge that seeks to eliminate terrorist and violent extremist content online to stop the internet being used as a tool for terrorists. More>>

Research Report: Digital Threats To Democracy
What evidence do we have as to the interventions and solutions that might mitigate against the biggest threats posed to our democracy by digital media, without losing the best of the opportunities that the internet offers? More>>

Gordon Campbell: On The Christchurch Call
The zigzagging nature of Christchurch Call To Action's content (“steps to eliminate terrorist and violent extremist content online” on one hand… and “must be consistent with a free, open and secure Internet, without compromising human rights and fundamental freedoms, including freedom of expression” on the other) reflects the genuine tension that exists on this subject. More>>

 
 

Getting Moving: Wellington Transport To Get $6.4b Overhaul

A new $6.4bn transport project aiming to free up traffic in Wellington CBD will combine a mass transit system with an improved bus network, the government says. More>>

ALSO:

Privacy Commission Report: MSD Systematically Misused Fraud Investigation Powers

An Office of the Privacy Commissioner (OPC) inquiry has found the Ministry of Social Development (MSD) systematically misused its investigatory powers while pursuing benefit fraud, unjustifiably intruding on the privacy of many beneficiaries. More>>

ALSO:

Consultation Doc: Safety Focus In Improved Drug Driver Testing

Improving the safety of all road users is the focus of a new public consultation document on the issue of drug driver testing. More>>

ALSO:

Police: Panel To Debrief Police Response To Terror Attacks

The panel members are former Australian Deputy Police Commissioner Nick Kaldas, former Solicitor General Mike Heron QC, and Director, Professional and Executive Development, Victoria University of Wellington Jeff Ashford. More>>

ALSO:

Gordon Campbell: On The (Lack Of) End Game For The Teachers Strike

Currently, the education sector looks like one of those games of American football where its hard to keep your eye on where the ball is, and where ministerial quarterback Chris Hipkins is trying to throw it... More>>

ALSO:

Other School Strikes:

NCEA Changes:

Musical Chairs: Deputy PM's Post-Cabinet Press Conference

Acting Prime Minister Winston Peters held Monday's post-cabinet press conference, with Prime Minister Jacinda Ardern in Paris to chair the 'Christchurch Call' talks on terrorism and extremism and social media... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels