OECD

• In 2022, he announced plans for legislation requiring future tax policy changes to be measured against a set of tax principles, notably fairness.
• But while it is reasonable to support a tax system that is fairer than the current system, I believe the bill is confusing, unnecessary and pointless.
• Unlike the Tax Working Group, which clearly and adequately stated tax principles that most people could understand, the bill introduces highly technical ideas that could exclude ordinary people from the debate.

Horizontal equity

• But a more accurate way to explain horizontal equity would be to say “people who are in similar situations should be treated similarly”.
• The principle of horizontal equity as outlined in the bill is incompatible with the Income Tax Act because people with similar levels of income won’t pay similar levels of tax due to programmes like WFF.
• If the principle of horizontal equity needs to be stated, it should be that “taxpayers in similar circumstances should pay a similar amount of tax”.

Time and money

• A standard tax textbook distinguishes between legal, accounting and economic conceptions of income.
• According to the bill, “the time value of money matters when considering horizontal equity”.
• This means there would be a significant gap between the ideas set down in the principles and how most people think of income.

Vertical equity

• It is not uncommon for countries to lock in the ability to pay tax, which traditionally includes both horizontal and vertical equity, within their constitutions.
• Read more:
  Forget a capital gains tax – what New Zealand needs is a tax on inherited wealth

  Using the word “economic” in the explanation of vertical equity is unnecessary.

• The OECD defines progression as meaning “an increasing proportion of income must be paid in tax as the income increases”.

The bill doesn’t solve our tax problems

• The bill then states: “A progressive tax system does not mean that every tax should be progressive (e.g.
• The income of so-called “middle-income New Zealanders” is most likely fully taxed under the current provisions of the Income Tax Act.
• But most don’t pay “enough” tax because successive governments have lacked the courage to tax capital gains, wealth, and gifts and inheritances.

• SAN FRANCISCO, May 23, 2023 (GLOBE NEWSWIRE) -- Waterplan , the world’s leading climate platform that helps companies measure, respond and report increasingly-changing water risk, today announced the close of an oversubscribed $11 million Series A financing round.
• The investment was led by Base10 Partners with co-founder and Managing Partner Adeyemi Ajao joining the Waterplan board.
• Previous investors also participated, including Giant Ventures & Transition Global (who co-led the seed round), YCombinator, MCJ Collective, and the Branson Family among others.
• “Both governments and the private sector face existential challenges around how they manage their freshwater supply,” said Jose Ignacio Galindo, CEO and co-founder of Waterplan.

• From 2024, Biosency will make its BVS3 technology available to healthcare professionals for integration into the BORA Care® digital medical device, with the aim of obtaining reimbursement as part of an advance payment scheme.
• It is characterised by chronic respiratory symptoms and exacerbations that can lead to acute respiratory failure and hospitalisation.
• On 23 May, the company unveiled the first clinical results of the BVS3 early detection algorithm integrated into BORA Care at the ATS conference, demonstrating its ability to predict COPD exacerbations.
• This opens up the possibilities of using the Bora Care® solution," says Marie Pirotais, President of Biosency.

• Today, the Lois & Richard England Family Foundation announced Hannah Hahn as its new executive director effective July 2023.
• View the full release here: https://www.businesswire.com/news/home/20230519005214/en/
  Hannah Hannah, Executive Director of The Lois & Richard England Family Foundation (Photo: Business Wire)
  A respected program lead, Hahn spent nearly a decade in local philanthropy at The Morris and Gwendolyn Cafritz Foundation and The J. Willard and Alice S. Marriott Foundation.
• “Hannah’s experience is unmatched; she is fiercely committed to strengthening our region and is well-positioned to guide the England Family Foundation into its next chapter,” said Board Chair Rick England.
• The England Family Foundation partnered with Good Insight to conduct its national executive search.