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Two issues papers released today for public consultation continue the Government’s focus on ensuring fairness in the tax system, Finance Minister Bill English and Revenue Minister Peter Dunne say.

The issues papers, which were announced in Budget 2011, provide options for making the tax system fairer in two areas:

Livestock valuation - this paper presents options for fairer rules covering livestock valuation elections. Mr Dunne says the current rules appear to be too loose, allowing farmers to switch between valuation methods providing an unfair tax advantage.

Changes to KiwiSaver will encourage a higher level of private savings, make the scheme more financially sustainable and build a large pool of local capital, Finance Minister Bill English and Revenue Minister Peter Dunne say.

“While KiwiSaver has been very effective in attracting new members, it has done so at a high cost to taxpayers, with the scheme costing the Government over $1 billion a year in subsidies and tax breaks," Mr English says.

The Government is making changes that will better target Working for Families to lower income earners and ensure its cost remains sustainable into the future, Finance Minister Bill English, Social Development Minister Paula Bennett and Revenue Minister Peter Dunne say.

Working for Families will be altered over time so that eventually the scheme has:

The Government has put in place several tax relief measures to help Christchurch residents and businesses trying to get back on their feet after last month’s earthquake, Finance Minister Bill English and Revenue Minister Peter Dunne announced today.

“With the end of the tax year rapidly approaching, businesses and employers in Christchurch and around New Zealand need some certainty about the tax issues arising from the Canterbury earthquakes,” Mr English said.

The second round of Budget 2010 tax changes will help make businesses more competitive and further rebalance the economy towards savings and exports, Finance Minister Bill English and Revenue Minister Peter Dunne say.

"Cutting the company tax rate will make New Zealand more competitive and increase incentives for businesses to reinvest earnings back into jobs and growth," Mr English says.

Proposed new tax rules, released today, will increase the integrity of the tax system and help ensure everyone pays their fair share, Finance Minister Bill English and Revenue Minister Peter Dunne say.

Mr Dunne today released a Supplementary Order Paper (SOP) that will introduce several Budget 2010 tax measures to the Taxation (GST and Remedial Matters) Bill, which is nearing its final stages in Parliament. MPs are expected to debate the amendments on Thursday.

The proposed changes, which have been finalised after public consultation over the past few months, will:

New Zealand and Hong Kong have concluded a double tax agreement, Finance Minister Bill English and Revenue Minister Peter Dunne announced today.

Mr English and Hong Kong’s Financial Secretary John Tsang signed the agreement in Auckland.

"This agreement is an important step forward in strengthening our economic relationship with Hong Kong,” Mr English said.

The Government is seeking public feedback on proposed changes to simplify the tax system and make it easier for people to manage their tax affairs, Finance Minister Bill English and Revenue Ministe

Across the board tax cuts and a package of other tax changes will strengthen economic growth and help families get ahead here in New Zealand, Finance Minister Bill English and Revenue Minister Pete

Changes to the tax treatment of investment property increase fairness and help rebalance the economy towards productive investment, Finance Minister Bill English and Revenue Minister Peter Dunne sa

Budget 2010 provides increased funding for Inland Revenue to support the Government's package of tax reforms and increase tax compliance activities.

What is changing?

The Government will carefully consider the Tax Working Group's report on options for improving New Zealand's tax system, Finance Minister Bill English and Revenue Minister Peter Dunne said today.

Finance Minister Bill English and Revenue Minister Peter Dunne today welcomed the establishment of a Tax Working Group, which will assist the government in considering the key tax policy challenges

The Government will clarify the law to ensure that bonus issues of shares distributed under profit distribution plans (PDPs) are taxed in the same way as shares issued under other dividend reinvest

New Zealand households will get a billion-dollar-a-year boost from tax cuts which take effect this week, Finance Minister Bill English and Revenue Minister Peter Dunne said today.

The Government's new tax policy work programme will focus on better positioning New Zealand in the world economy and maintaining tax revenue during the current global economic crisis, Finance Minis

Small and medium sized businesses will benefit immediately from a series of new government tax assistance measures worth more than $480 million over the next four years, Finance Minister Bill Engli