PM signals tax reform changes

In his Statement at the opening of Parliament today, Prime Minister John Key said measures to reform the tax system would be introduced as part of the Budget in May. Any changes would be based on “equity and fairness”. Mr Key has signalled changes to the way property is taxed, changes to personal income tax rates and says further work will be done on whether the rate of GST should be increased. He also said the Government had ruled out developing any proposals for a land tax, a general capital gains tax or a risk-free return method for taxing residential investment properties. For more information see the full Statement.