“At the moment the tax system appears unfair – for example, it doesn’t treat income from speculation in housing as it does income from work. We want to consider how we can create a better balanced system and can encourage a shift to investment in the productive economy.

“Individual wage-earners, businesses, asset owners and speculators should pay their fair share of tax. Right now we don’t think that is happening. This working group is not about increasing income tax or the rate of GST, but rather introducing more fairness across all taxpayers.

“The Working Group will also consider how the tax system can contribute to positive environmental outcomes and the impact of likely changes to the economic environment, demographics, technology and employment practices over the next decade.“As former Minister of Finance from 1999 to 2008, Sir Michael’s credentials are impeccable and he will be a huge asset to the Working Group.” “Final recommendations to Ministers are expected by February 2019. As promised before the election, any significant changes legislated for from the Group’s final report will not come into force until the 2021 tax year. “It is important to ensure that all sectors of the New Zealand economy can feed into the Working Group’s processes and that all relevant perspectives are considered.”“As we promised during the election campaign, certain areas will be outside the scope of the review, including increasing any income tax rate, the rate of GST, inheritance tax and changes that would apply to the family home or land beneath it,” Grant Robertson says.

Govt’s Tax Working Group features 11 members including Auckland University’s Craig Elliffe, Business NZ’s Kirk Hope & ex-IRD Deputy Commissioner Robin Oliver