Cullen Sees The Light - Lower Taxes Mean More Growth

Wednesday 29 Oct 2003 Rodney Hide Press Releases -- Economy

ACT New Zealand Finance Spokesman Rodney Hide today congratulated Finance Minister Dr Michael Cullen for finally accepting that if you tax something less you get more of it.

"Dr Cullen today announced at the New Zealand Venture Capital Association's annual conference that the Government is proposing tax exemptions in two areas of venture capital.

"The first proposal is to provide certain non-residents a tax exemption on any profits they derive from realising shares in small, unlisted New Zealand companies.

The second is the repealing of tax provisions that prevent resident special partners from offsetting partnership losses against other income.

"Now that Dr Cullen has seen the light to lower taxes in the area of venture capital, he must reduce the tax on income to spur investment and prosperity for all," Mr Hide said.

ENDS

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

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