Leisurely tax reform

1 February 2006

Leisurely tax reform

A completion date of 2008 suggests a lack of urgency for company tax reform, says Business NZ.

Chief Executive Phil O'Reilly says the review of the business tax regime shouldn't need more than two years to complete.

"Australia is in the process of reducing its tax burden right now, so its environment for business will be even sharper by 2008. Australia recognises that tax is a competitive tool.

"We should be moving quickly too, building on the good work that's already been done.

"The McLeod Tax Review - the recommendations of which were widely accepted - was based on extensive consultation. Business may be wondering why that consultation is being duplicated only five years on.

"A straightforward review and swift implementation of a lower company tax rate as soon as possible would send the strongest signal of support to the business community."

ENDS

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