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Wool Tax Liability

30 October 2001

Potential tax liability on Wool Board reserves was an issue that the Government would consider as part of any proposal to restructure the industry, Agriculture Minister Jim Sutton said today.

Mr Sutton said every sector that brought an industry-backed restructuring proposal to Government this term had tax issues that needed to be considered.

"Tax is a complicated issue that falls in the portfolio of the Finance Minister. In recent restructurings of the dairy and pipfruit industries, Michael Cullen was closely involved, as those industries put cases to him on how they should be treated.

"The possible wool sector proposal is no different, regardless of Opposition party bleating on the issue."

Mr Sutton said the Labour-Alliance Government's policy on producer board reform was quite clear: proposals had to be supported by a majority of industry players; it had to be fair to minority interests; and it had to be in the public good.

"The wool industry is not at the stage of bringing a proposal meeting all these criteria to Government yet. There is still time for restructuring proponents to negotiate tax status with Michael Cullen."

Ends


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