Background
The 1980s were a period of considerable economic and tax reform in New Zealand. New Zealand had never had a formal capital gains tax system (unlike virtually every other OECD nation. The government was considering implementing a capital gains tax and issued a consultative document as part of the (then) process of tax reform.
The Committee appointed to review submissions in response to the Consultative Document instead reported to government that it did not consider the state of the tax system at that time sufficiently robust to support additional reform of this nature. The government accepted this recommendation and re-tasked the Committee to advise it on the structural reforms required.
Read more about this topic: Valabh Committee
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