Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search


Capital Gains Tax won’t help the Provinces

This Government seems hell bent on slowing the 56,000 businesses ($21 billion economy) in the Waikato through the introduction of a Capital Gains Tax, said Waikato Chamber of Commerce CEO Chris Simpson.

“Did they learn nothing from the 2001 Tax Working Group, ironically formed by Michael Cullen and which kicked out any notion of a Capital Gains Tax in 2001!

“It’s one of our competitive advantages of not having a Capital Gains Tax compared to other countries and it appears that advantage could be chucked out with the bath water hurting our 215,000 employees in the Waikato!

“Where’s the focus on reigning in government spending? There isn’t any. Where’s the focus on driving better efficiencies in local government? Yep, nadda! Why isn’t Government spending at 26% of GDP and not the current 32%?

“Where’s the reduction in corporate tax to 21% (which is the OECD average) from the current 28%?

“And the family home is exempt – seriously, that’s what’s been causing all the issues, so we’ve been told. Exempting parts of the economy just adds to the compliance issues.
“And let’s be honest, business is already taxed with the reality of the value of a business a simple net present value of expected income – meaning the value of a business has already been taxed. So, the reality is that any capital gain is after tax anyway – so, why double tax it?”
And it seems some business members on the Tax Working Group don’t like the capital gains aspect of the Cullen Tax Review just released. Robin Oliver, Joanne Hodge and Kirk Hope’s minority statement backs us up:

“The risks involved in extending capital gains tax beyond residential properties include: • Fiscal risks to the government • Compliance costs • Damage to equity markets • Inconsistency in the tax treatment of investors.

“Our current tax system is relatively simple and efficient. It does not overly stand in the way of the type of experimental behaviour we shall need to see more of in the future. In our view we would be better off amending some current rules (residential rental homes) and enforcing existing rules better."

“These are smart people who sat on the Taskforce and are disagreeing with it, said Mr Simpson.

“Straight to the pool room with the report we say!”

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Mosque Shooting Response: Ban On Military Style Semi-Automatics And Assault Rifles

Military style semi-automatics and assault rifles will be banned in New Zealand under stronger new gun laws announced today, Prime Minister Jacinda Ardern says... Related parts used to convert these guns into MSSAs are also being banned, along with all high-capacity magazines.

“An amnesty will be put in place for weapons to be handed in, and Cabinet has directed officials to develop a buyback scheme...All semi-automatic weapons used during the terrorist attack on Friday 15 March will be banned." More>>

RNZ Report: No Mention Of Right-Wing Threat In 10 Years Of GCSB/SIS Docs
There is not one specific mention of the threat posed by white supremacists or right-wing nationalism in 10 years of public documents from the Security Intelligence Service or the GCSB. More>>

Two Minute Silence Friday: Auckland Mosques Opening Their Doors To All
Mosques in the four corners of Auckland will open their doors on Friday night for people of all faiths to gather in remembrance of the 50 lives lost in the Christchurch shootings. More>>

For the Latest: Scoop Search - Christchurch

Gordon Campbell: On The School Climate Strike

Locally, the school strike has won a ton of support for bringing climate change to the fore. Yet the strikers don't want mere expressions of support. They want action. More>>


"Grabbed And Struck In The Face": Greens Co-Leader Attacked While Walking To Work

Green Party co-leader James Shaw was the victim of an unprovoked attack when he was walking to work in Wellington. More>>


████████ ████ ███: Latest OIA Statistics Released

The latest statistics cover 110 agencies that collectively completed 18,106 official information requests between July and December 2018, a 16.4% increase on the 15,551 requests for the previous six months. More>>


'Hit And Run' Inquiry: New Legal Action Over Secrecy

The lawyer representing the Afghan villagers in the inquiry into Operation Burnham has launched legal proceedings calling for a judicial review in the investigation. More>>


From Hydro Plan To...: Mokihinui River Land To Join Kahurangi National Park

A total of 64,400 hectares of conservation land in the Mokihinui River catchment on the West Coast north of Westport, including 15 km of riverbed, is being added to Kahurangi National Park. “Adding this area, roughly half the size of Auckland City, to Kahurangi is the largest addition of land to an existing national park in New Zealand’s history,” Eugenie Sage said. More>>





InfoPages News Channels