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Business Tax Reform – Long Overdue


17 May 2007

Media Release

Business Tax Reform – Long Overdue

The reduction of the corporate tax rate from 33c to 30c from next year is welcomed but overly cautious, said Michael Barnett, Chief Executive, Auckland Chamber of Commerce.

“Australia reduced its corporate rates last year – we are doing it next year.”

They continue to have the jump on us and that’s not a good signal to send to international businesses looking at investing in this part of the world, and it’s not a strong message to NZ businesses looking at their international options,” said Mr Barnett.

Also missing from the tax reform package is the willingness of Government to adjust tax brackets by CPI annually, which means someone on the average wage of $43,000 is paying an additional $2,400 in tax than a year ago.

ends

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