Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Cullen: Key wrong on offshore tax changes

9 January 2006

Cullen: Key wrong on offshore tax changes

Finance Minister Michael Cullen said today opposition finance spokesman John Key is again showing his true colours as a friend of wealthy investors.

The government is reviewing the tax regime that applies to portfolio investment offshore.

"This government has been listening to concerns raised by the investment community and is consulting on a modified regime," said Dr Cullen.

"John Key is suggesting we don’t tax the earnings of New Zealanders investing offshore at all because it's too hard.

"This is illogical and would only serve to encourage investment offshore to the detriment of investment in New Zealand," said Dr Cullen. "This would cost New Zealand taxpayers dearly and deprive local businesses of much needed domestic savings."

"John Key's suggestion would primarily benefit wealthy individuals – his true friends," said Dr Cullen.

"We are aiming for a simpler regime which doesn't encourage offshore investment by New Zealanders. It is staggering that John Key doesn't believe that is desirable," Dr Cullen concluded.

The government expects to make announcements in March with changes incorporated in a tax bill to be introduced in May, with application from 1 April 2007.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Decision Day: Peters Chooses Labour

Winston Peters says he will form a Government in coalition with Labour and the Greens giving confidence and supply.

Peters said he had been offered the position of Deputy Prime Minister and a number of other ministerial posts would go to his colleagues

He said economic and monetary policy changes were needed to face a coming economic downturn.>>>More


Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome


Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>


Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>


Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>


Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>


Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>


Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>




Featured InfoPages

Opening the Election