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Future of Tax Final Report Volume I

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Future of Tax Final Report Volume I Future of Tax Future of Tax Final Report Volume I: Volume Final Report Recommendations Future of Tax Final Report Volume I Recommendations | February 2019 ‘Nāu te rourou, Nāku te rourou, ka ora ai te iwi’ ‘With your contribution and mine, the people will prosper’ Published on 21 February 2019 by the Tax Working Group, New Zealand. © Crown Copyright This work is licensed under the Creative Commons Attribution 4.0 International licence. In essence, you are free to copy, distribute and adapt the work, as long as you attribute the work to the Crown (Tax Working Group, New Zealand) and abide by the other licence terms. To view a copy of this licence, visit https://creativecommons.org/licenses/by/4.0/. Please note that no departmental or governmental emblem, logo or Coat of Arms may be used in any way which infringes any provision of the Flags, Emblems, and Names Protection Act 1981. Attribution to the Crown (Tax Working Group, New Zealand) should be in written form and not by reproduction of any such emblem, logo or Coat of Arms. ISBN: 978-1-98-858003-6 (Online) The URL at February 2019 for this paper is: https://taxworkinggroup.govt.nz/resources/future-tax-final-report-vol-i Contents Preface 5 Executive summary 7 Summary of recommendations 15 Capital and wealth 15 Environmental and ecological outcomes 16 The taxation of business 17 International income taxation 18 Retirement savings 19 Personal income tax 19 Future of work 20 Integrity of the tax system 20 Administration of the tax system 20 Charities 21 GST and financial transaction taxes 22 Corrective taxes 22 Housing 22 1 The purposes of tax 23 2 Frameworks for assessing tax policy 25 The Living Standards Framework 25 Te Ao Māori perspectives on wellbeing and living standards 25 The established principles of tax policy design 28 3 The structure, fairness and balance of the tax system 29 Key features of the tax system 29 Distributional outcomes 30 Problems, challenges and opportunities 31 Summary assessment 35 Future of Tax Recommendations 1 4 Environmental and ecological outcomes 37 Environmental challenges 37 System goals and principles 38 The role of the tax system – a vision for the short, medium and long term 39 Environmental taxes in New Zealand 40 When to apply environmental taxes 42 The short term – negative externalities and concessions 42 The medium term – revenue recycling 53 Longer-term possibilities – an extension of the tax base 53 Summary assessment 54 5 Extending the taxation of capital gains 55 A system for taxing capital gains 55 The deemed return method 59 A policy assessment of the system for taxing capital gains 60 Integrity impacts 63 Revenue impacts 63 Efficiency and productivity impacts 67 Summary assessment 71 6 The taxation of business and savings 73 The taxation of business 73 Opportunities to reduce compliance costs 79 The taxation of retirement savings 80 Summary assessment 81 7 Personal income tax 83 The current approach to personal income taxation 83 The rates and thresholds of income tax 84 Options for personal income taxation 84 Summary assessment 89 8 Illustrative packages to improve the structure, fairness and balance of the tax system 91 Illustrative packages 91 The main building blocks of the packages 92 The shape of the packages 92 Impact assessment 95 Summary assessment 98 Future of Tax Recommendations 2 9 Other opportunities to improve the tax system 99 Matters requiring significant attention 99 The future of work 99 The integrity of the tax system 100 The administration of the tax system 102 Matters requiring further work 103 Charities 103 GST and financial transaction taxes 104 Corrective taxes 105 Appendix A: Assumptions in projected revenue for extending the taxation of capital gains 107 Appendix B: Summary of consultation and submissions 111 Appendix C: List of Secretariat and other advice 117 Appendix D: Tax Working Group Terms of Reference 121 Glossary 123 References 129 Future of Tax Recommendations 3 Future of Tax Recommendations 4 Preface Since the release of our Interim Report in September The Group has carefully considered these 2018 the Tax Working Group has undertaken further submissions but has not accepted them all. In rounds of engagement and consultation. Alongside particular, we have adhered to our Terms of this process, the Group has developed and further Reference, though we have made some incidental refined its conclusions outlined in the Interim Report. comments where we deemed it appropriate. The engagement process has reached out to We have also reaffirmed the views expressed in the various parts of society, including Māori, civil society, Interim Report concerning the purposes of tax. This tax professionals, business and environmental report does not repeat those sections in full. Similarly, organisations. There has also been discussion with it does not repeat a number of other sections from the tax professionals in Australia to learn from their Interim Report where we have made no changes. experience. This engagement reflects and is reflected In other words, the Group’s consideration of particular in the work the Group has undertaken since early propositions continues to reflect the fundamental September. proposition that there are three main ways in which the As might be expected, the submissions on the Interim tax system supports the wellbeing of New Zealanders: Report contained a wide variety of opinions. They as a fair and efficient source of revenue; as a means ranged from full endorsement of the recommendations of redistribution; and as a policy instrument to in the Interim Report, often wishing to see at least influence behaviours. some of them go further, through to substantial There was broad but not universal support for rejection of the majority of the recommendations. this position from submitters. As far as the Interim Those wanting to go further were bunched into two Report’s specific recommendations are concerned, clusters. The first primarily wished the Group to those rejecting them did so primarily in relation to the consider matters outside its Terms of Reference, chapter and the appendix dealing with the extension such as the tax:welfare interface and higher tax rates of capital gains taxation. Where possible, the Group (particularly for those on higher incomes). In this has taken account of those submissions, especially in cluster there were also some who wished to revisit relation to the vexed question of compliance costs. areas that the Group had already carefully considered, Since the Interim Report the Group’s internal with a clear majority recommending no change (such discussions have focused primarily on the extension as for a financial transactions tax). of capital taxation. Given what capital income is The second cluster was largely composed of groups taxed already, that has meant consideration of the or individuals wishing to strengthen or extend some taxation of capital gains. Despite differences of part of the recommendations. These were most often opinion on how far such taxation should go, the concerned with environmental issues or the Interim Group agreed that whatever is done should be part Report’s conclusions on behavioural taxes (which of the general income tax system and not a separate some wished to be renamed health promotion taxes). capital gains tax regime. The reasons for this are explained in this report. Future of Tax Recommendations 5 As I have indicated above, the Group was not of Framework within a Māori world view (Te Ao Māori). one mind on whether the proposed regime should This then flows into the substantive section on proceed. A clear majority (eight to three) supported environmental taxation that goes beyond the near- that position. But I should note and thank the term challenges to a longer-term tax framework to three in the minority (Joanne Hodge, Kirk Hope underpin a circular economy. and Robin Oliver) who played a full part in the It should be noted that no attempt has been made lengthy development of the technical details. Their to incorporate possible revenue from environmental contributions were invaluable. taxation in the development of revenue- or fiscally- It needs to be emphasised that this difference of neutral packages. Suffice to say that environmental judgement relates to the rather simplistic binary tax revenue could be recycled in a number of ways, decision of being for or against the package of especially to fund and support a faster transition to a capital gains taxation as a whole. In reality, that circular economy, as well as offsetting the impact of is not the only question for the Government (or such taxes on modest-income households. Parliament) to consider. Finally, let me thank all the members of the Group As this report emphasises, it is possible to introduce for their thoughtful participation and especially the package in whole or in part, whether all at once or their forbearance of my occasional impatience. in stages. The balance between revenue and equity Our officials have been dedicated and assiduous on the one hand and complexity and compliance costs in carrying out their tasks. It is difficult to single on the other differs between asset classes. The most out anybody but Bevan Lye’s work as the principal complex asset class is arguably the active business scribe on the Interim and Final Reports has been one – as Volume II of this report demonstrates. masterful. Last but far from least, our independent advisor, Andrea Black, has laboured mightily to This report is about much more than capital gains ensure a diversity of views has come before us. taxation. I would draw attention, in particular, to the work done on encapsulating the Wellbeing Hon Michael Cullen, KNZM Chair, Tax Working Group February 2019 Tax Working Group members: Marjan van den Belt Professor Craig Elliffe Joanne Hodge Kirk Hope Nick Malarao Geof Nightingale Robin Oliver, MNZM Hinerangi Raumati, MNZM Michelle Redington Bill Rosenberg Independent Advisor: Andrea Black Future of Tax Recommendations 6 Executive summary 6.
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