The government's plans to change the way offshore investments are taxed appear to be turning into a shambles.
We've gone from things like risk-free rate of return right through to something that taxes investors on an earnings per share basis.
It is clear a huge amount of work is going into this and I understand from some sources that the officials have gone done a number of routes and ending up finding they were cul-de-sacs.
However it seems that time is running out and a solution isn't clearly imminent. Maybe there is no simple answer - other than a capital gains tax?
Now I am not advocating a CGT, but the idea of a CGT, or avoiding one, has become a fixation of the government.
As it's often said no government would be politically brave enough to introduce one, especially in this environment where many in the nation are rooting for tax cuts.
My observation - which is shared by others - is that the government is dead set keen to make sure its new proposals aren't seen, or construed, as a CGT. (Look how National finance spokesman keeps trying to make political capital by calling it a CGT or a new tax).
If that becomes its underlying objective, then I am sorry to say whatever comes out of it will fail.
What I want to see are changes made to tax on New Zealand investments, as proposed, and a regime that is simple and investors can understand.
Ministers say the changes to New Zealand and international tax regimes will be introduced together rather than separately. I'm not so sure that will be the case.
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The government's plans to change the way offshore investments are taxed appear to be turning into a shambles.