The Government has unveiled plans to require its tax officials to start formally reporting on how the tax system is performing in relation to a set of yet-to-be-determined principles. He said he hoped to start public consultation mid-year on what the country’s tax principles should be, and how government officials should be made to report on how the tax system is operating in relation to these principles. He suggested high-level principles be put in legislation, which would require tax officials to report information relevant to those principles, and the government to issue a “guiding statement setting out its view on the development of tax policy”. He stressed the Government has “no secret plan" to introduce a capital gains tax, wealth tax, deemed income tax, or any other type of tax. “The information will inform future tax policy advice and so it may feed into future tax policy development.”

Source: Stuff April 27, 2022 02:41 UTC