Tax, Foreign Investment and Productivity draft long-term insights briefingLast updated: April 14, 2022
Tax, Foreign Investment and Productivity draft long-term insights briefing
Published: April 14, 2022
Submitting To: Inland Revenue Department (IRD)
Issue for Business: BusinessNZ took the opportunity to submit in September 2021 on IRD’s previous Document that consulted on its proposal to focus its 2022 Long Term Insights Briefing (LTIB) on tax and its impact on investment and productivity. We agreed on this focus given investment and productivity are important factors affecting long-term living standards in New Zealand. Therefore, we are pleased to see the release of the current Document, and broadly support the LTIB process whereby key future issues are examined by Government Departments every three years. The Document examines a number of potential measures to initiate a process of discussion around how to improve New Zealand’s inbound investment. Therefore, BusinessNZ outlines its priorities for future work. Overall, we believe a reduction in the company tax rate is the best initial step forward, although as mentioned in the Document there is no one silver bullet, so any option(s) chosen will also require broader remedial changes to the tax system.
Action: Submission sent on 14 April 2022
Outcome: Awaiting review of submissions