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Peters Pleased With Fair Dividend Rate Proposal

15 September 2006

Peters Pleased With Fair Dividend Rate Proposal

The government's announcement of a 'fair dividend rate' solution for overseas taxation reflects New Zealand First's desire to see a workable but fair-minded answer to this complex matter, says Leader Winston Peters.

"New Zealand First has been working with the government to ensure that the finance and expenditure select committee could consider an alternative to the complex treatment of overseas taxation contained in the original Bill," Mr Peters said.

"Today's announcement of a maximum five per cent rate, with the caveat of a lower rate for those whose investments make less than five per cent; of no tax on losses, and the shift away from a capital gains tax to taxing a reasonable dividend yield, were all sensible steps that we encouraged the government to adopt.

"This outcome is yet another example of New Zealand First's commitment to working constructively with other parties to achieve the best outcome for all New Zealanders.

"It is now for the select committee to consider these options and incorporate them into the Bill when they report to parliament," Mr Peters said.

ENDS

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