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National reviews tax policies ahead of 2020

National is proposing a range of new tax initiatives as we run the ruler over our policies heading into 2020, National’s Finance spokesperson Paul Goldsmith says.

“National believes the tax system should incentivise New Zealanders into work and encourage productivity and investments.

“National has already committed to indexing tax thresholds to the cost of living and we won’t introduce any new taxes in our first term.

“In our Economic Discussion Document released today we’re asking whether we should reduce taxes on savings by allowing savers to deduct inflation from their interest income. This could help address New Zealand’s low level of private savings and reduce the high effective tax rates on savings.

“New Zealand has one of the highest company tax rates in the OECD at 28 per cent and we collect the fourth largest share of tax in the OECD from companies. Tax is one of the single largest costs for businesses and can be the difference between a business surviving or not.

“To encourage greater levels of investment, we’re asking New Zealanders whether we should accelerate depreciation for business assets and whether the company tax rate is becoming uncompetitive.

“We’ll also consider whether there’s merit in targeted tax relief for small businesses, like that which exists in Australia. That would mean a lower tax rate for small businesses below a certain revenue threshold.

“National will consider further tax policies that will reduce the burden on families leading into the 2020 election.

“National supports a broad-base, low-rate tax system. We believe New Zealanders should keep more of what they earn. We will restore confidence and revive our economy so that we can lift our aspirations, both in what we can earn and in the social challenges we can overcome.”

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