[2] The Committee comprised: It was supported by a secretary (Greg Cole) as well as by officials from both the Inland Revenue Department and the Treasury.
New Zealand had never had a formal capital gains tax system (unlike virtually every other OECD nation.
[3] 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 enough 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.
[9] The government accepted the committee's recommendation for a significantly more liberal regime for the deduction of interest for tax purposes.