New top tax rate left open to avoidance, tax department warns

New top tax rate left open to avoidance, tax department warns
Pattrick Smellie
The government is foregoing extra tax revenue of $1.5 billion by leaving the tax rate on trusts at 33 cents in the dollar while raising the top personal income tax rate to 39 cents in the dollar, the Inland Revenue Department has warned.Its regulatory impact statement on legislation introduced today to raise the top tax rate from April 1 next year also warns that revenue estimates from the move are made more difficult because the government is creating a six-cents-in-the-dollar difference between the trust and personal tax rates.Revenue Ministe...

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