Dunne: Gift duty leaves the law books today
Hon Peter Dunne
Minister of
Revenue
Saturday, 1 October 2011
Media Statement
Dunne: Gift duty
leaves the law books today
The burden of gift duty that cost New
Zealanders $70 million a year to comply with for a tax haul
of only about a million dollars annually was today lifted
off New Zealanders’ shoulders.
‘The law removing it was passed in August and came into effect today, and is something I am delighted to have brought about under my watch,” Revenue Minister Peter Dunne said today.
‘Gift duty had long since stopped serving a meaningful
purpose and had become an antiquated and bureaucratic
imposition on people and businesses,” Mr Dunne
said.
'judyturner.ohope@xtra.co.nz'
He said the change
also symbolised how New Zealand was moving towards a more
efficient, lower compliance tax regime.
“Gift duty has continued to impose $70 million of compliance costs on New Zealanders each year, while no longer serving its intended purpose.
“As I have said before, it is a relic of the estate duty era, long since passed, and it has been overtaken by other developments rendering it obsolete.
“It has been a common sense move in the end,” Mr Dunne said.
Ends