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

 

Shelving New Capital Gains Tax the Right Move

The Government’s announcement today that it will not proceed with its proposed new capital gains tax is welcome news for businesses, according to Business Central.

"Businesses and employers are breathing a sigh of relief they will not face this stifling and costly new tax," says Chief Executive John Milford.

"A capital gains tax would have worsened the business environment, dis-incentivised owners from growing their businesses, and greatly increased compliance costs.

"Only this week, results of our member survey showed businesses were united in their opposition to the new tax with an overwhelming net 42 per cent of respondents opposed.

"Our members across the region are glad that common sense has finally prevailed.

"It appears the voice of NZ First has convinced the Government not to proceed at this time, and we thank them for their hard work on this issue.

"We support the initiatives to improve the integrity of the tax system. A fair tax system is only achieved when all taxpayers are meeting their responsibilities and paying their share.

"The capital gains tax was a poorly conceived idea that would have hit, for example, Wellington’s high-growth high-tech particularly hard. We hope the parties of government decide to shelve this idea for good."

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Up 0.5% In June Quarter: Services Lead GDP Growth

“Service industries, which represent about two-thirds of the economy, were the main contributor to GDP growth in the quarter, rising 0.7 percent off the back of a subdued result in the March 2019 quarter.” More>>

ALSO:

Pickers: Letter To Immigration Minister From Early Harvesting Growers

A group of horticultural growers are frustrated by many months of inaction by the Minister who has failed to announce additional immigrant workers from overseas will be allowed into New Zealand to assist with harvesting early stage crops such as asparagus and strawberries. More>>

ALSO:

Non-Giant Fossil Disoveries: Scientists Discover One Of World’s Oldest Bird Species

At 62 million-years-old, the newly-discovered Protodontopteryx ruthae, is one of the oldest named bird species in the world. It lived in New Zealand soon after the dinosaurs died out. More>>

Rural Employers Keen, Migrants Iffy: Employment Visa Changes Announced

“We are committed to ensuring that businesses are able to get the workers they need to fill critical skills shortages, while encouraging employers and regions to work together on long term workforce planning including supporting New Zealanders with the training they need to fill the gaps,” says Iain Lees-Galloway. More>>

ALSO:

Marsden Pipeline Rupture: Report Calls For Supply Improvements, Backs Digger Blame

The report makes several recommendations on how the sector can better prevent, prepare for, respond to, and recover from an incident. In particular, we consider it essential that government and industry work together to put in place and regularly practise sector-wide response plans, to improve the response to any future incident… More>>

ALSO: