Company Tax – The Budget’s Achilles Heel
The one message business should have heard in today’s Budget was a signal for a cut in company tax to match our competitors.
“With Ireland’s company tax at 10c and Australia’s now at 30c, we are staying disadvantaged against the countries we want to be competing with for new business and skills,” said Michael Barnett, Chief Executive of the Auckland Regional Chamber of Commerce.
“We say we want to be up there with the top group of rich countries, but we are not following their lead by setting a competitive tax for business to look at New Zealand.”
Australia’s cut in company tax has been known about for months; its importance to business cannot be overstressed and its omission from this Budget will, I predict, come back to haunt Dr Cullen,” said Michael Barnett.