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Business confidence shows need for urgent tax reform

Published: Thu 30 Aug 2018 05:12 PM
MEDIA RELEASE
Business confidence shows need for urgent
30 AUGUST 2018
FOR IMMEDIATE RELEASE
With business confidence falling further and firms’ perceptions of their own activity sitting at its lowest level since the GFC, tax reform to kickstart productivity and wages is urgently needed, says the New Zealand Taxpayers’ Union.
Taxpayers’ Union Economist Joe Ascroft says, “Businesses need more than a working group. They need real changes in policy direction, including tax reform. Business breakfasts with CEOs and Cabinet Ministers simply won’t cut it for the average small business.”
“Company tax rate cuts – accompanied by full capital expensing – would put a rocket under business investment and put an end to the doldrums. If focused at measures to boost productivity, the evidence shows that tax relief would flow through to workers in the form of higher wages.”
Company tax issues, including full expensing of capital, are discussed in the Taxpayers’ Union’s submission to the Tax Working Group, available at www.taxpayers.org.nz/twg_submission.
ENDS
New Zealand Taxpayers' Union
New Zealand's grassroots campaign for lower taxes and less government waste
The New Zealand Taxpayers' Union is an independent activist group, dedicated to being the voice for Kiwi taxpayers in the corridors of power. It's here to fight government waste and make sure New Zealanders get value for money from their tax dollar. New Zealanders are invited to join and donate at http://taxpayers.org.nz
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