Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


One Tiny Little Tax - One huge step forward

One Tiny Little Tax - One huge step forward for Business

“Labour and National can only mouth sweet nothings into the ears of the business community about compliance issues – and ‘nothing’ is the result,” says ‘Democrats for social credit’ Finance Spokesman John Pemberton.

For decades tax law has been written, amended and added to. Pemberton points out that each overhaul of the tax system has increased the paper war, increased the frustration of people in business, increased the cost of compliance, increased the size of IRD and increased the money in the pockets of accountants.

“Labour’s recent tinkerings have barely scratched the surface. National can offer nothing better. Tax compliance issues could go completely with one little tax,” Pemberton says.

“One automated tax on all withdrawals from bank accounts would be deducted by the bank at the time of withdrawal, and forwarded to the Government. In a stroke most of the tax system, including Goods and Services (GST), Company and Income Tax, along with their attendant headaches, could be eliminated.”

Mr Pemberton explains that the ‘Democrats for social credit’ will begin by replacing GST with the automated tax, called the Financial Transaction Tax (FTT). Once this has been implemented successfully, by stages FTT will also replace Company and Income Taxes.

“FTT offers simplicity, efficiency and fairness,” Pemberton declares. “Taxation compliance issues would be a thing of the past. FTT will raise the same amount of tax as at present, at a lower cost to businesses and individuals. The secret to this is that FTT has a far wider tax base.”

“It is better than a tax cut,” Pemberton concludes. “Businesses will save precious time as well as money. FTT does not get rid of tax but it sure gets rid of the associated hassles.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>


Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>


Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news