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Government urged to commit to Stobo reforms

Tuesday, 23 November 2004

Government urged to commit to Stobo reforms

The Government should, at the very least, commit to removing capital gains tax and assessing tax at the marginal tax rate of the investor (with a 33% cap) for superannuation savings and similar funds in the 2005 Budget, according to United Future revenue spokesperson Gordon Copeland.

“United Future fully supports these changes and it is therefore important that their implementation not be delayed beyond the 2005 elections.

“I say that because the reality is that none of us know exactly which political parties will provide the mix for the next government. The Greens for example are on record as favouring capital gains taxes.

“Craig Stobo makes a most interesting observation in his report when he says “an improved … system of taxation of investment income for New Zealand investors during a clear window of goodwill can(not) be surpassed as a strong process for change.

“In plain language, Craig Stobo is urging the Government to grab this moment in time to make taxation changes in an area which has caused dissatisfaction and debate in New Zealand for some years.

“The thought that all the work which has been done and the goodwill created might simply disappear into the ether after the 2005 elections fills me with gloom.

“I urge Government to grasp the nettle and get the changes made whilst it can rely on the support of United Future,” said Mr Copeland.

ENDS

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