Scholarship

Taxation of houses under a capital gains tax (CGT) and GST on imports are among the ideas four young tax professionals will showcase to respected tax leaders in Wellington in October.

Auckland trio Jeremy Beckham, Matthew Griffin and Peter North along with Wellington’s Caleb McConnell submitted proposals which outlined a significant reform of the New Zealand tax system as part of a competition run by the Tax Policy Scholarships Charitable Trust (TPSCT).

Each will present to, and field questions from, a heavyweight judging panel comprising the following:

• Robin Oliver, former Inland Revenue Deputy Commissioner
• John Shewan, TPSCT and former PricewaterhouseCoopers Chair
• John Whitehead, former Secretary of Treasury
• Oliver Hartwich, New Zealand Initiative Executive Director
• Joanne Hodge, former Bell Gully Tax Partner.

As well as GST on imports and CGT, other ideas to be discussed at Victoria University on 8 October are a system where company tax losses can be purchased and sold, and a schedular tax base to promote savings and growth.

Shewan says judges were impressed with the calibre of the 14 proposals they received.

“It was great to see applicants thinking outside of the square and promoting policy ideas to tackle huge challenges such as the inability of traditional taxes to cope with the digital economy.

“Applications reflected a wide range of ideas, from growth-oriented and tax base protection initiatives to corrective taxes to deal with problems such as runaway Auckland house prices, environmental issues and disparities in regional economic and population growth.”

The winner will receive $10,000 and the other finalists $2000.

Tax professionals under the age of 35 working in the public and private sector or academia in New Zealand were eligible to enter the competition.

Proposals had to take into account future challenges facing the New Zealand tax system and detail how they could simplify tax and reduce compliance costs for taxpayers.

The TPSCT was established in 2012 by Tax Management New Zealand and its founder director Ian Kuperus to encourage future tax policy leaders and support leading tax policy thinking in New Zealand.

The finalists

Jeremy Beckham

Age: 27

Occupation: Senior tax consultant – Deloitte

Proposal: Schedular tax base to promote savings and growth

Matthew Griffin

Age: 28

Occupation: General manager – Hobby Co

Proposal: GST on imports using software and behavioural economics

Caleb McConnell

Age: 24

Occupation: Solicitor – Chapman Tripp

Proposal: Purchase and sale of company tax losses

Peter North

Age: 23*

Occupation: Tax consultant (transfer pricing) – Ernst & Young

Proposal: Different approach to the treatment of houses under a capital gains tax

*Turns 24 on 25 July.

Four young tax professionals will present and debate their ideas for the future state of the tax system with respected industry figures in Wellington in October – and come away with an inflated bank balance.

The Tax Policy Scholarships Charitable Trust (TPSCT) is running a competition for young tax professionals working in the public and private sector and academia to showcase new ideas in tax policy or administration.

Finalists will give a presentation and field questions from the judges at Victoria University on 8 October.

The panel will comprise former Inland Revenue (IRD) Deputy Commissioner Robin Oliver, TPSCT and former PricewaterhouseCoopers Chair John Shewan, former Secretary of Treasury John Whitehead New Zealand Initiative Executive Director Oliver Hartwich, and former Bell Gully Tax Partner Joanne Hodge.

The winner will receive $10,000 and the other finalists $2000.

“Sound and innovative tax policy formulation is a critical ingredient to the development of a strong and resilient economy,” says Shewan.

“The Robin Oliver Tax Policy Scholarship Competition provides young professionals with a unique opportunity to promote creative policy ideas to tackle the many challenges that 21st century globally mobile and digitally dependent economies must face.”

Tax professionals under the age of 35 (at 1 January, 2015) are eligible to enter.

Entries close on 25 May. Finalists will be announced on 13 July.

Click here for competition guidelines and judging criteria.

About the TPSCT

The TPSCT was established by Tax Management NZ and its founder director Ian Kuperus to encourage future tax policy leaders and support leading tax policy thinking in New Zealand.

Previously, the Trust sponsored a leading international tax policy thinker to visit New Zealand to engage in debate and discussion, and a New Zealand tax professional to undertake research and study.

The Deputy Director of the International Monetary Fund’s Fiscal Affairs Department, Michael Keen, talked global tax policy issues with a select group of young tax professional in Wellington and Auckland last year.

Professor Alan Auerbach of the University of California, Berkeley was the first visiting lecturer in 2013, while the IRD’s Carolyn Palmer was the inaugural scholarship recipient