Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search


Capital Gains Tax won’t help the Provinces

This Government seems hell bent on slowing the 56,000 businesses ($21 billion economy) in the Waikato through the introduction of a Capital Gains Tax, said Waikato Chamber of Commerce CEO Chris Simpson.

“Did they learn nothing from the 2001 Tax Working Group, ironically formed by Michael Cullen and which kicked out any notion of a Capital Gains Tax in 2001!

“It’s one of our competitive advantages of not having a Capital Gains Tax compared to other countries and it appears that advantage could be chucked out with the bath water hurting our 215,000 employees in the Waikato!

“Where’s the focus on reigning in government spending? There isn’t any. Where’s the focus on driving better efficiencies in local government? Yep, nadda! Why isn’t Government spending at 26% of GDP and not the current 32%?

“Where’s the reduction in corporate tax to 21% (which is the OECD average) from the current 28%?

“And the family home is exempt – seriously, that’s what’s been causing all the issues, so we’ve been told. Exempting parts of the economy just adds to the compliance issues.
“And let’s be honest, business is already taxed with the reality of the value of a business a simple net present value of expected income – meaning the value of a business has already been taxed. So, the reality is that any capital gain is after tax anyway – so, why double tax it?”
And it seems some business members on the Tax Working Group don’t like the capital gains aspect of the Cullen Tax Review just released. Robin Oliver, Joanne Hodge and Kirk Hope’s minority statement backs us up:

“The risks involved in extending capital gains tax beyond residential properties include: • Fiscal risks to the government • Compliance costs • Damage to equity markets • Inconsistency in the tax treatment of investors.

“Our current tax system is relatively simple and efficient. It does not overly stand in the way of the type of experimental behaviour we shall need to see more of in the future. In our view we would be better off amending some current rules (residential rental homes) and enforcing existing rules better."

“These are smart people who sat on the Taskforce and are disagreeing with it, said Mr Simpson.

“Straight to the pool room with the report we say!”

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Virtues (and Fluffed Opportunities) Of The Operation Burnham Report

One unspoken rule of thumb in any official public inquiry is : whatever you do, don’t conclude you were made to listen to “a litany of lies” even if the evidence of a deliberate cover-up is right there under your nose. In that respect, the report into the 2010 Operation Burnham military raid in Afghanistan has been a model of decorum. Bad stuff did happen and has been duly noted and lamented - but only as a lapse and departure from usual professional standards. Normal service can be trusted to resume shortly... More>>


Office Of The Speaker: Parliament Is Revamping Its Rules

Today, the Standing Orders Committee’s report on the review of Standing Orders was presented to the House. The Speaker of the House, the Rt Hon Trevor Mallard, chairs the committee. He said today that the 2020 review will make our rules more ... More>>

Environment: Govt Progress On Climate Change Essential, Risk Assessment Shows

The release of the National Climate Change Risk Assessment shows that the progress this Government has made to solve the climate crisis is essential to creating cleaner and safer communities across New Zealand. “Because of this report, we can see clearer ... More>>

Economy: Investing In The Tourism Sector’s Recovery

More than $300 million in funding has been approved to protect strategic tourism businesses, drive domestic tourism through regional events and lift digital capability in the tourism industry, Tourism Minister Kelvin Davis announced today. A $400 million ... More>>


National On MP Bill: Waka-Jumping Repeal Bill Passes First Reading

The Electoral (Integrity Repeal) Amendment Bill has passed its first reading, marking one step closer to Parliament getting rid of NZ First’s ‘waka-jumping’ legislation, National List MP David Carter says. “I’d like to thank the Greens for voting ... More>>


Covid-19:Legislation For Managed Isolation Payments Introduced

Hon Dr Megan Woods Minister of Housing Legislation to allow the Government to recover some of the costs for managed isolation and quarantine will be introduced to Parliament today, said Minister of Housing Megan Woods. “The Bill will allow the government ... More>>


Your Vote 2020: Bringing Election Coverage To Viewers Across TVNZ Channels And Platforms

As New Zealand gets ready to head to the ballot box this September, 1 NEWS is bringing voters comprehensive coverage and analysis of this year’s General Election. TVNZ’s coverage will draw on the depth of experience held across the 1 NEWS team, says Graeme ... More>>

Economy: 30% Believe Households Worse Off, 298,000 Expect To Lose Jobs

64% of New Zealanders feel the economic position of their households is the same or better than a year ago – and 30% think it is worse or much worse, while 298,000 think they will lose their jobs in the next 12 months. Households’ perceptions ... More>>

State Services Commission: Findings Of Investigation Into COVID-19 Active Cases Privacy Breach

Deputy State Services Commissioner Helene Quilter has today announced the findings of an investigation into a breach of privacy regarding sensitive personal information. The investigation looked into who or what caused the disclosure of the information, ... More>>

International Security: New Zealand Suspends Extradition Treaty With Hong Kong

The New Zealand Government has suspended its extradition treaty with Hong Kong and made a number of other changes in light of China’s decision to pass a national security law for Hong Kong, Foreign Affairs Minister Winston Peters says. More>>


Energy: 100% Renewable Electricity Grid Explored With Pumped Storage ‘battery’

The Government is taking a significant step toward its goal for 100% renewable electricity generation in a move that could be a game changer for consumers and the creation of a low-emissions economy, Energy & Resources Minister Megan Woods said. ... More>>






InfoPages News Channels