30 October 2001

Potential tax liability on Wool Board reserves was an issue that the Government would consider as part of any proposal to restructure the industry, Agriculture Minister Jim Sutton said today.

Mr Sutton said every sector that brought an industry-backed restructuring proposal to Government this term had tax issues that needed to be considered.

"Tax is a complicated issue that falls in the portfolio of the Finance Minister. In recent restructurings of the dairy and pipfruit industries, Michael Cullen was closely involved, as those industries put cases to him on how they should be treated.

"The possible wool sector proposal is no different, regardless of Opposition party bleating on the issue."

Mr Sutton said the Labour-Alliance Government's policy on producer board reform was quite clear: proposals had to be supported by a majority of industry players; it had to be fair to minority interests; and it had to be in the public good.

"The wool industry is not at the stage of bringing a proposal meeting all these criteria to Government yet. There is still time for restructuring proponents to negotiate tax status with Michael Cullen."

Ends

© Scoop Media

Gordon Campbell: On the Sony cyber attack

Given the layers of meta-irony involved, the saga of the Sony cyber attack seemed at the outset more like a snarky European art film than a popcorn entry at the multiplex.

Yet now with (a) President Barack Obama weighing in on the side of artistic freedom and calling for the US to make a ‘proportionate response’quickly followed by (b) North Korea’s entire Internet service going down, and with both these events being followed by (c) Sony deciding to backtrack and release The Interview film that had made it a target for the dastardly North Koreans in the first place, then ay caramba…the whole world will now be watching how this affair pans out. More>>