Discussion Paper on Tax Regime Overhaul Released
Australian Treasurer Joe Hockey has published Re:think, a discussion paper that marks the launch of the long-awaited Tax White Paper process.
The discussion paper begins a formal government process for considering future directions for Australia's tax system. The paper provides information about the challenges the system faces, identifies potential opportunities for reform and points to some of the "trade-offs" that would need to be considered. The Government is seeking feedback on whether the current tax system can be refined or whether it requires more fundamental change, and where fairness can be improved. The discussion paper asks how important it is to reform taxes to boost economic growth, and to what extent reducing complexity should be a priority.
NZ Launches Tax Modernization Program
New Zealand's Revenue Minister, Todd McClay released two documents on 31 March 2015 setting out the nation's plans to modernize and simplify the tax system. The first document, Making Tax Simpler – a Government green paper on tax administration, aims to inform New Zealand taxpayers of the proposed initiatives and seeks feedback on the options. The second document, Better Digital Services, outlines proposals to expand the tax authority's use of online systems that would enable faster, more accurate, more convenient interactions with the Inland Revenue Department (IRD).