Tax reform on the agenda

I can't see GST being reduced at all- when NZ first bought it in it supposedly was never supposed to rise....

I love the Summit concept and think it's great as a huge thinktank but practically, what results come from it that are implemented?

 

I've read some research (admittedly a few years back now) that said (from memory) that if the GST was more broadly based (i.e. the Democrats hadn't gotten basic food removed) and the rate was a bit higher i.e. 12.5% then we could significantly reduce/simplify much of the income tax system.

I don't have any metrics on that but the hideously complex system we have now coupled with the "self assessment" model makes it pretty difficult for anyone with even modestly complicated investments or structures to be completely confident they and their advisers have gotten it right.

The current system is good news for the accounting/tax and legal fraternity - bad news for business and tax papyers. (altho I reckon an awful lot of tax professionals would daily wish for a simpler system).

Cheers
N.