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Capital Gains Tax back down signalled

Published: Mon 10 Sep 2018 01:31 PM
Capital Gains Tax back down signalled
Indications today that the Tax Working Group may be set to reject a Capital Gains Tax shows even a handpicked working group won’t go along with the ideology of this Government, National’s Finance Spokesperson Amy Adams says.
“Before the election the Government talked a big game about a Capital Gains Tax, which is essentially a tax on Mums and Dads who have worked hard all their lives to set aside enough to put into a house or a retirement fund.
“It now seems the Tax Working Group may be going to say what we’ve been saying all along. This tax is unnecessary and harmful. If you want more houses then you get the settings right so that more houses are built, you don’t impose further taxes on property ownership and investment.
“Tax settings are a huge factor in deciding whether businesses invest, or hire new workers. Once again businesses have been left in the dark and that’s one of the reasons business confidence has fallen so low.
“Today’s revelation still leaves considerable uncertainty as the Government is still able to implement a Capital Gains Tax, despite any recommendation by the Tax Working Group.
“Families and businesses are facing years of uncertainty with a working group whose sole purpose was to give Grant Robertson the cover to introduce a Capital Gains Tax. It’s looking like it won’t even do that – but the uncertainty of future tax settings remains.”

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