“Saving by deduction from salary or earning is proven to be the most efficient and effective way to develop a savings habit”, said Arkinstall.
This initiative by Government follows the recommendations of the recent Periodic Report Group (“PRG”) in its report released in December 2003.
“The importance of easier access to savings through employment was a strong recommendation from the “Saving NZ Forum” held in Wellington by ISI earlier in 2003”, said Arkinstall.
“We are also pleased that the Terms of Reference require the Savings Product Working Group to report on disadvantages within the existing tax system for saving. Change to the current taxation of savings is essential. We have been calling for a review of this matter.”
“Although the scope of the work on taxation is narrower than we would prefer we are pleased Government has responded.”
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