Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Departure From Principled Tax Policy

24 August 2006

Institute Critical Of Departure From Principled Tax Policy

"The Government's departure from a principled tax policy on retirement savings is disturbing" Craig Macalister, Tax Director of the New Zealand Institute of Chartered Accountants said.

Mr Macalister was responding to news that employer contributions into the KiwiSaver scheme are to be given an exemption from specified superannuation contribution withholding tax up to 4% of an employees' salary.

"While the proposal will allow employees to save more into their KiwiSaver scheme, the Institute's view is that all savings vehicles should be treated equally. The creation of concessionary rules for pet political projects sets an alarming precedent."

"The Institute shares Government's concern that New Zealanders' retirement savings are inadequate. However, we don't believe a tax advantage should be given to people who choose to save through a one type of superannuation fund over another."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>