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ACT To Test Parliament On Tax Cuts

ACT To Test Parliament On Tax Cuts

ACT Leader Rodney Hide said today that he would be testing Parliament's commitment to cut the company tax rate to 30 per cent during the coming debate on the Taxation (Annual Rates and Urgent Measures) Bill.

"There is a clear majority for a cut to the company rate of tax. The National Party, New Zealand First, the Maori Party, United Future, ACT and the Progressive Party all campaigned to reduce the company tax rate. That represents a total of 65 MPs out of a Parliament of 121.

"First up on the government's legislative programme is a Bill to set the rates of income tax for the 2005-06 year. I will be moving an amendment to that Bill to lower the company rate of tax - a move that should have the support of the majority of MPs in Parliament.

"It will be interesting to see if MPs vote according to their election promises.

"It will also be interesting to see if the Labour Government will let Parliament decide the issue or whether it will block any move to lower the tax burden in New Zealand by exercising a financial veto on any move to cut taxes," said Rodney Hide.

ENDS

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