Budget 2021: Tax implications

“Tax and tax revenues were hardly mentioned and were very much part of the background in today’s budget,” said Deloitte Chief Executive Thomas Pippos.

“Positively, tax revenue only suffered a mere blip in the 2020 fiscal year during New Zealand’s COVID-19 lockdown, surging forward in 2021 and is projected to do the same in the outyears, such that there is no pressing revenue case for additional taxes over this next period” he said.

“Whether this means that the over 20 year tax oscillation between centre left and right Governments is limited to a 33% or 39% highest personal marginal tax rate is still too early to tell, but for now, it seems it could continue over this next period,” says Mr Pippos.

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