Election 2017 - Party Policies - Tax
27th May 17, 9:11am
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Tax
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- ACT promotes more efficient government spending with lower flatter taxes and no new taxes.
- Less tax leads to a more productive economy with high growth and low unemployment.
- Successful businesses are good for New Zealand, but it’s not the government’s job to prop up the ones that aren’t.
- Corporate welfare costs us too much with little or no benefit to everyday New Zealanders.
- Cut wasteful spending of taxpayer’s money such as Government trying to pick winners by giving money to favoured businesses.
- Read more here.
- Targeted environmental taxes designed to reduce and eliminate behaviours that are not sustainable in a finite world
- Taxes should be reallocated away from income and towards resource use, waste, and pollution.
- Those in society who have the least ability to pay tax should pay the least as a proportion of their income, while those who can pay more should do so and contribute to the welfare of society in this way.
- Concentration of income and wealth should be discouraged and the gap between rich and poor narrowed.
- New Zealand's local economy should be strengthened and foreign purchases of local assets should be limited.
- Read more here.
- Labour will set up a Tax Working Group. The Working Group will not consider increases to a personal income or corporate taxes, or GST rates. The Working Group will not consider any proposals for an inheritance tax or any other tax changes that would apply to the family home or the land under it - regardless of its ownership structure.
- The implementation of any changes associated with the Working Group will be for the 2021 tax year, and therefore the mandate to implement the changes will tested at the 2020 election before anyone is affected by changes.
- Reverse National's proposed tax cuts and re-invest that money in a fairer package of support for families and in core public services such as health, education, housing and police.
- Crack down on housing speculation by extending the bright line test to five years; and create a level playing field for families to buy their first home by removing a tax loophole that speculators use to avoid paying tax – as recommended by both the IMF and the Reserve Bank.
- Labour is proposing some levies and charges to create funding for specific programmes: Regional Fuel Tax; Clean Water Royalty; Tourism and Infrastructure Fund; Alcohol, Petrol and Tobacco Levies.
- Read more here.
Not yet available on their website.
- Won’t create new taxes that would slow New Zealand down.
- Won’t raise income taxes, or introduce a water tax, or a regional fuel tax, or a tourist tax, or add farmers to the Emissions Trading Scheme. And we won’t investigate a capital gains tax, a land tax or an inheritance tax.
- Modernising and simplifying the tax system so businesses and individuals receive their correct entitlements and spend less time filling in forms.
- Roll out real time provisional and terminal tax for all businesses.
- Cracking down on multinationals to ensure they pay the correct amount of tax. Changing the law and working with the OECD to clamp down on base erosion and profit shifting, which can allow multi-nationals to pay little or no tax in New Zealand.
- Read more here.
- Require all government contractors to pay their fair share of tax.
- Crack down on corporate tax avoidance and base erosion especially with e-commerce providers like Uber and Amazon.
- Impose stiffer penalties for evasion and similar offences.
- Introduce, as the UK has recently done, two new criminal offences ‘failing to prevent the facilitation of tax evasion’ – whether done domestically or offshore.
- Double the criminal penalty for evasion offences to ten years per-offence; and increase the fine for evasion offences ‘from up to’ $50,000 to $5 million per-offence.
- Read more here.
- Supports a broad-based low rate tax system
- Read more here.
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