A focus on topical tax issues - April 2015
Tax System set for major overhaul in modernisation project
On 31 March 2015, the Government issued the first two of nine discussion papers for public consultation on “looking towards a better tax administration system for New Zealanders”.
The scale and size of this project means that over the next few years, the tax system is in for a huge shakeup which will impact on everybody in some shape or form. The project is far more than just updating the Inland Revenue’s computing system. The Government describes it as a “once in a generation opportunity” to make changes to meet current and future needs.
The first document is a green paper on tax administration which provides the overall direction of the tax modernisation programme and seeks feedback on that direction. As this is a green paper, there are no firm proposals at this stage; instead the paper simply notes areas which could be explored in more detail.