It was with much anticipation the accountancy fraternity awaited the release of his interim Tax Working Group report. The working group has recommended a package of modest incentives to encourage low and middle-income people to save more for their retirement. Any taxes or concessions for retirement savings need to be fair to all forms of retirement savings. Picking winners by deciding which forms of savings are in or out of favour may create a dilemma for the working group. The Government needs to rule out taxing any gains on retirement savings to give savers confidence their funds will help them when they finish work.

Source: Otago Daily Times September 21, 2018 16:18 UTC