The New Zealand government has introduced a new bill requiring information about the fairness and efficiency of the tax system to be reported and published annually.
Public submissions are now being called for the Taxation Principles Reporting Bill. Submissions can be made to the Finance and Expenditure Committee of the New Zealand Parliament by Friday, 9 June 2023.
The bill would provide a statutory framework for the reporting of information about New Zealand’s tax settings based on a set of principles set out in the bill. Reporting would focus on, among other aspects:
- income distribution and income tax paid
- distribution of exemptions from tax, and of lower rates of taxation
- perceptions of integrity of the tax system
- compliance with the law by taxpayers
The Commissioner of Inland Revenue would be required to report this information annually, and produce a more comprehensive report every three years.
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