Fine-tuning for optimal performance
Major companies tax survey
Welcome to the first BusinessNZ-Deloitte Major Companies Tax Survey report.
Tax policy plays an important role in achieving a successful economy and society. Since the “tax switch” reforms in 2010, any changes to company tax have largely been tweaks to the existing settings. Instead, government’s focus more recently has been on personal tax.
But businesses, and large companies in particular, make a meaningful contribution to government’s ability to achieve its goals. Tax revenues from these companies and their employees help pay for the public services and infrastructure enjoyed by all Kiwis.
It is in this context that we decided it was timely to test what our largest companies would like to see from the tax system. The resulting survey report is aimed at informing public policy with regard to the taxation of large companies.
The survey and its results are not focused on reducing tax on large companies – it is acknowledged that taxpayers both large and small need to pay their fair share. Rather, the focus is on adjusting certain specific tax settings to drive appropriate policy and administrative outcomes that are also relevant to a much wider group of taxpayers.
Important also are the themes of retaining global competiveness and putting New Zealand first in decision making on tax policy issues. We surveyed both CEOs from the BusinessNZ Major Companies Group and tax professionals from the Corporate Taxpayers Group on a range of tax issues including corporate tax rates, deductibility, depreciation and incentives to invest.
The results are articulated in this report through ten themes that came through loud and clear from the respondents. Those themes cover a range of issues that relate to the competitiveness of our tax system and to its administration.
Some of New Zealand’s most senior business leaders and tax professionals generously gave their time to complete the survey and both BusinessNZ and Deloitte greatly appreciate the engagement shown by all our survey respondents.
We hope our report provides you with valuable insights into how we can fine tune the tax system.