Government’s Tax Aims Released

October 30, 2010 New Zealand Taxation

BeehiveThe New Zealand Government has released a list of its taxation policy aims and goals for the next year, which are claimed will aid efforts to rebalance the country’s economy and strengthen its growth prospects.

On October 29th New Zealand’s Government Tax Policy Work Programme 2010-11 was revealed by Bill English, New Zealand Minister of Finance, and Peter Dunne, Minister of Revenue, at a conference of the New Zealand Institute of Chartered Accountants. The Programme is prepared annually by the Minister of Finance and the Minister of Revenue, and is intended to outline the taxation issues that the Government aims to address throughout the next 12 months.

According to the Programme, over the next year New Zealand will focus its tax policy work on four main goals. The Government will continue to deliver the initiatives it had previously promised in Budget 2010. Negotiations for the expansion of New Zealand’s network of tax information exchange agreements will also continue. The Government instated Savings Working Group will continue to enjoy official support, as it works towards building a recommendations report for encouraging public savings in the country. The Government will also continue its transform IR project, which aims to reshape the way that the Inland revenue Department operates in the areas of tax secrecy, collection of debts and overall governance.

Additionally, Peter Dunne revealed that the Government is conducting several other projects and investigations designed to further bolster economic growth, including a review of current depreciation fit-out regulations, legislation surrounding livestock valuation and child support systems.

Photo by Ewan-M