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Copeland backs fairer tax regime for banks

Tuesday, 21 September 2004

Copeland backs fairer tax regime for banks

United Future revenue spokesman Gordon Copeland today signalled his support for government moves which will see banks paying their fair share of tax from 1 July 2005.

“Banks play an important role in the success of the New Zealand economy. However, like any other company or individual, they need to bear their fair share of the tax burden,” he said.

“Everyone has a right, within the law, to arrange their affairs with a view to minimising tax liabilities. Equally the government from time to time has a right to change the law to ensure that the outcome is fair.

“The moves announced by Finance Minister Dr Michael Cullen will ensure, henceforth, that the banks, most of whom are foreign-owned, will pay tax on their New Zealand operations at a normal level.

“The boost to government revenue is estimated to be several hundred million dollars a year and, in my view, it is time for the government to return an equivalent, if not greater, amount to Kiwis through a lowering of the tax rates,” said Mr Copeland.

ENDS

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