10 Oct 2014

NZ tax system ranked among best

8:46 am on 10 October 2014

The New Zealand tax system may not be seen by many as something to crow about, but according to some of policy experts in the US, we pretty well have the best in the world.

New Zealand's tax system has been ranked as the second most competitive in the OECD by Washington-based think-tank, The Tax Foundation.

It said this country has stayed competitive by cutting the top income tax rate from 38 to 33 percent, and reducing the corporate tax rate from 30 to 28 percent.

And while that is higher than the OECD average corporate tax rate of 25.5 percent, the foundation said New Zealand's ranking still goes up, because the tax system is simpler and fairer than other countries.