New Zealand’s businesses will not be receiving a cut in the corporate tax rate in the government’s budget, to be announced on Thursday, Finance Minster Michael Cullen stated last week.
The revelation came in response to a question asked in parliament by ACT (the Liberal party) leader Richard Prebble, who reminded Cullen of a previous statement pledging to cut tax “when fiscal conditions permit.”
Dr Cullen countered by arguing that the government will run only a small cash surplus this year and that there are higher priorities to be addressed in this week’s budget.
"The Budget will show not billions of dollars of spare cash hanging around but, in fact, a modest borrowing programme for the coming three years," stated Cullen.
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