Revenue Minister Peter Dunne says major tax giveaways are not an option in the current environment of falling tax revenue.
The next round of personal tax cuts comes into force on 1 April, with smaller cuts due in each of the following two years.
Mr Dunne says there also needs to be a greater focus on maintaining revenue flows, and the idea of big tax giveaways is off the agenda at the moment.
He says the Government is acutely aware of keeping the company tax rate internationally competitive, and has a medium term goal of aligning the top personal tax rate, the company rate and the trustee tax rate at 30%.
But Mr Dunne says the challenge will have to be balancing those matters against a declining revenue base.
