Finance Minister Bill English and Revenue Minister Peter Dunne, this afternoon came up with a press statement, revealing that they will "carefully consider" advice from the tax working group, which says that major tax reforms are needed.

"For ordinary New Zealanders, we're particularly keen to ensure that our tax system rewards effort, encourages savings and helps families to get ahead", added English.

Higher taxation is required in New Zealand in order to lower personal and company tax rates, the group says.

The tax reform regime is aiming to introduce significant transformations in tax rates so as to make New Zealand's tax system fairer and more effective.

Top personal, company and investment tax rates could be aligned at 27%, however, property investors would take a hit.

The final report does take another look at a formal capital gains tax – something Prime Minister John Key and Finance Minister Bill English rule out about every full moon.

However, it is speculated that the government could stick to its declared policy of taking the company tax rate in par with the top personal and investment tax rates but New Zealand cannot afford to meet the company tax at 30% much longer, particularly as Australia is expected to carry it at least 27% or maybe even lower.

The government hopes to fetch a 27:27:27 rate and up its GST rate to 15% thereby yielding $1.9 billion a year.