Government announcement doesn’t go far enough

“The Government’s announcement today represents a step in the right direction, yet really needs to go further in order to fully restore balance and equity to the system,” Craig Macalister, Tax Director, New Zealand Institute of Chartered Accountants said today.

“The focus of the Tax Working Group was to design a more coherent tax system that is fairer to all and collects taxes as fairly and efficiently as possible. We still have too much reliance on taxes such as PAYE and income tax,” said Mr Macalister. “Altering this burden would mean a shift away from income taxes to more reliance on indirect taxes, such as GST. The under-taxation of capital assets in New Zealand also needs to be addressed.”

ENDS

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