MEDIA ADVISORY

Inland Revenue’s CGT advice is damning

1 APRIL 2019
FOR IMMEDIATE RELEASE

December 2017 advice from Inland Revenue to the Government on a capital gains tax is damning and should have nipped the idea in the bud, says the New Zealand Taxpayers’ Union.

Taxpayers’ Union spokesman Louis Houlbrooke says, “The Government had barely even assembled itself when Inland Revenue told it how a capital gains tax would harm start-ups and R&D. The Government chose to ignore the advice and plough ahead with a Tax Working Group that was clearly constructed just to recommend such a tax.”

“Now, Inland Revenue’s fears are confirmed, with entrepreneurs like Rocket Lab’s Peter Beck confirming that the tax will unfairly ‘decimate’ our start-up industry. It’s time to have some answers.”

“The Government needs to front up and explain exactly why they think Inland Revenue is wrong. In fact, they should have done this publicly when they announced the terms of the Working Group, which specifically suggested the Working Group consider a capital gains tax.”

ENDS

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