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Time for a Company Tax Cut

Time for a Company Tax Cut

Thursday 20 May 2004

Richard Prebble - Press Releases - Taxation

ACT Leader Richard Prebble in parliament today asked the Minister of Finance when the country can expect a cut in the company tax rate. The ACT MP reminded Dr Cullen of his promise, when in Hong Kong, to lower New Zealand's company tax rate when "fiscal conditions permit".

"Labour has a record taxpayer surplus of over $6 billion. According to the Treasury's `Tax Facts' in the 2003 Budget a cut in the company tax rate from 33 cents to 30 cents would cost only $420 million.

"Dr Cullen's claim, that after his giveaway Budget to social welfare beneficiaries next week he will be forced to borrow, is like the man convicted of murdering his parents who then asks for the court's mercy on the grounds he was an orphan.

"The latest KPMG worldwide survey, published in January this year, shows that New Zealand not only has a higher tax rate than Australia and most if the Asia Pacific region, but now most of Europe and the OECD", Mr Prebble said.

ENDS

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