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

 

Budget offers no tax surprises, but are tax cuts on horizon?

26 May 2016

Budget 2016 offers no tax surprises, but are tax cuts on the horizon?

Budget 2016 continued the theme of not being the vehicle to announce tax policy measures, according to Deloitte.

Deloitte CEO Thomas Pippos says the previously foreshadowed business tax changes around provisional tax, withholding tax rules and compliance matters were well received when announced, and continue to be so.

“The only criticism with these types of measures is the time that it takes for some long standing issues to be addressed, many of which are more remedial in nature and not naturally aligned with a Budget process,” says Mr Pippos.

Mr Pippos adds that tax cuts are inevitably on the horizon with projected surpluses anticipated to hit $5 billion and growing from 2019.

“A good problem to have, but a problem nonetheless, given the spread of who pays what tax with 19% of the population paying 1% of personal income taxes at one end of the spectrum, and 8% of the population paying 40% of all personal taxes at the other end,” says Mr Pippos.

“Adding to the complexity are the gravitational forces starting to hit corporate tax rates, including in Australia where they are targeting a 25% corporate tax rate over a 10 year horizon,” he adds.

“Certainly the ability for future tax cuts provides a blank canvass for the next term that could be painted differently depending who ends up holding the brush,” concludes Mr Pippos.

Deloitte’s team of experts look at today’s budget announcement, particularly how it relates to the long-term success of New Zealand. For our full Budget 2016 commentary and analysis go towww.deloitte.com/nz/2016budget.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Joseph Cederwall: Ten reasons to have hope for a better Media in the future

Last week, I wrote about the news crisis in 2018 and why there is hope for journalism despite of (or perhaps because of) this dire situation. This piece will explore what exactly gives us hope at Scoop and will outline some tangible projects and approaches to dealing with this crisis that Scoop is looking to explore in the coming months - years. From tech innovations such as the blockchain, AI and VR, to increased collaboration between newsrooms and new community ownership models, there is plenty of reason for hope.

So, here are ten reasons to have hope for a better media in 2018 and beyond: More>>

 

The Nation Transcript: Housing Minister Phil Twyford

Auckland Council has just announced plans to count the number of homeless in the city, around six weeks after the government said it would create an extra 1500 social housing places by the end of winter ... More>>

ALSO:

Gordon Campbell: On The EU Trade Talks With NZ

In the very unlikely event that all will be smooth sailing in negotiating access to Europe for agricultural products from this part of the world, the EU/NZ negotiations could be wrapped up in about two years – which is relatively fast when it comes to these kind of deals. At best then, we won’t see any concrete benefits until half way through the next term of government. More>>

ALSO:

Pay Equity Settlement: Affects 5000 Mental Health Support Workers

Health Minister Dr David Clark is pleased to announce an estimated 5,000 mental health and addiction support workers will soon receive the same pay rates as care and support workers. More>>

ALSO:

World Refugee Day: What 7 Former Refugee Kids Love About New Zealand

RASNZ asked 7 members of their specialist youth service (along with two staff members who work with refugee background youth) how they felt about New Zealand – and filmed the responses. More>>

ALSO:

DHBs: Nurses Plan Strike Action For Next Month

Nurses across the country have confirmed a notice of a 24-hour strike, starting on 5 July. District Health Boards (DHB) were working on contingency plans following a notice to strike by the New Zealand Nurses Organisation. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages