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Another Business-Bashing Alliance Tax

Hon Max Bradford
Minister for Enterprise and Commerce


MEDIA RELEASE
8 September, 1999


Another Business-Bashing Alliance Tax


The Alliance plan to whack a five percent tariff on all imports, excluding those from Australia, is just another tax on business, Minister for Enterprise and Commerce Max Bradford said today.

"Over half of New Zealand's imports are either materials and supplies used by manufacturers or are essential capital purchases made by industry.

"Adding five percent to imports through tariffs will pile on an extra $600 million in costs for the manufacturing industry," Mr Bradford said.

"This could deter many companies from investing in top quality capital, therefore reducing their competitiveness internationally.

"Exporters will suffer, but also the country will suffer by losing the ability to earn a valuable overseas income.

"This tax also adds to the inflationary impact of the Alliance's proposed financial transaction tax.

"The Alliance is proving once again that it is anti-business by lumping higher costs onto exporters, higher costs onto capital equipment and higher interest rates onto all New Zealanders," Mr Bradford said.

ENDS

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