Resisting calls from business groups to cut tax, New Zealand’s Revenue Minister Michael Cullen last week unveiled a budget with emphasis on rewarding families and increasing public spending.
"It is a budget for the many. Great care has been taken to ensure there are no losers," proclaimed Dr Cullen as he announced a package of new spending totalling NZ$2.4 billion in the next financial year, rising to NZ$3.8 billion by 2007/2008.
Preferring not to give companies much in the way of tax relief, Cullen’s budget instead contains several spending initiatives in a ‘growth and innovation’ package aimed mainly at helping exporting businesses develop offshore connections and markets, involving a total spend of NZ$714 million over the next five years.
However, the measures are unlikely to placate the business lobby which continues to complain that both company and personal income tax rates are too high, and are eroding the nation’s competitiveness.
The full text of Dr Cullen's 2004 budget speech can be found in the Tax-News Resources section
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