Group set up to review tax system

A tax working group comprising officials, private sector and academic experts has been set up to look at medium-term policy options for the taxation system.

Finance Minister Bill English and Revenue Minister Peter Dunne say the group will assist the Government in considering the key tax policy challenges facing New Zealand.

The group, co-ordinated by the Centre for Accounting at Victoria University, will consider the medium-term direction of the tax system, including assessing policy options.

"A strategic review of the tax system is necessary - particularly in light of the challenges posed by the current economic and fiscal environment and our medium-term goal of a 30 per cent top personal tax rate," Mr English said.

The group would offer advice on the fiscal framework, and the structure of personal income tax, corporate tax, GST and tax integrity.

The chairman will be Victoria University pro vice-chancellor Professor Bob Buckle. Others include investment banker Rob Cameron, investment adviser Gareth Morgan and NZX chief executive Mark Weldon.

- NZPA