The Tax Working Group unveiled its long-awaited recommendations on the tax system.

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Look back on RNZ's live coverage of reaction to the tax recommendations:

Led by former finance minister Sir Michael Cullen, the working group was set up by the coalition government to examine the whole tax system and look at whether it was operating fairly and, if not, what should be changed.

It was also specifically asked to look at a capital gains tax, company tax and environmental taxes but with some no-go zones: It was not to touch income tax, GST rates or tax on inheritance.

Last week Green Party co-leader James Shaw repeated his challenge to government partners to back a capital gains tax. New Zealand First and its leader Winston Peters have opposed it, as has National, which introduced the "bright line" test while in government which acts somewhat like a capital gains tax when homes are resold within a set period.

The working group's interim report, published in September 2018, contained no proposal for a straight capital gains tax at a set rate. Two options for taxing capital were presented; taxing any gain from the sale of assets at roughly the marginal income tax rate or taxing a portion of the value of certain assets, for example rental properties, annually.

The government's full response, including any planned new taxes, is expected in April.