Tax Tips Alert: September 2018

The Tax Working Group – release of the Interim Report

The Tax Working Group has released its Interim Report. The report covers a broad spectrum of issues, including those that were identified in Future of Tax – Submissions Background Paper. The report provides the TWG’s interim conclusions on those issues, therefore shedding light on the general direction of travel of the TWG’s final recommendations to the Government.

 

Key highlights include:

  • a relatively detailed design for extending the taxation of capital income (a capital gains tax) but not going as far as a recommendation at this stage
  • categorically ruling out the introduction of a land tax or wealth taxes
  • a strong desire to retain the current GST regime meaning no further exemptions would be introduced, and
  • largely maintaining the current framework for taxing businesses.

While not opening up another full consultation process, the TWG welcomes comments from the public on the interim report. Furthermore, the TWG will continue to work with specific industry and special interest groups in formulating its final report, which is expected to be issued to the Ministers of Finance and Revenue in February 2019.

 

Our latest Tax Tips Alert provides a detailed summary of the TWG's interim conclusions.

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