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New Zealand advisory group recommends country introduce capital gains tax
[WELLINGTON] A New Zealand tax working group recommended on Thursday that the government begin taxing capital gains income to ensure fairness and balance of the tax system, it announced on Thursday.
The recommendations were published in a highly anticipated report, which would now be considered by Prime Minister Jacinda Ardern's coalition government.
The report said all members agreed that more income from capital gains should be taxed from the sale of residential rental properties.
A majority in the group also supported going further and broadening that approach to include all land and buildings, business assets, intangible property and shares.
New Zealand currently does not tax income in the form of capital gains except in some specified instances, the report said.
Finance Minister Grant Robertson said the government would take a "measured response" to the report, and release its full response in April.