INDEPENDENT NEWS

Treasury advice 'best practice'

Published: Thu 17 Nov 2005 11:26 AM
17 November 2005
Treasury advice 'best practice'
Tax briefings to Government from both Treasury and Inland Revenue are examples of mainstream, 'best practice' advice, says Business NZ.
Business NZ Chief Executive Phil O'Reilly says there is nothing radical in the advice to lower company and personal tax rates.
"New Zealanders able to keep more of their own earnings will be able to invest, save and spend more - and that will stimulate our economy to higher growth.
"The last time the company tax rate was cut - in the late '80s - it actually led to a tripling of company tax revenues paid to Government*, and was a forerunner of improved economic growth in the early 1990s.
"Moreover, there is majority support in Parliament for a tax cut - 58% of MPs now in the House are members of parties that supported tax reductions as an election plank.
"Business NZ also endorses the Treasury's sensible advice on productivity, the RMA, infrastructure and skills."
ENDS

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