The incoming National Party government of Prime Minister-elect John Key has put its pledge to cut income tax at the top of its legislative agenda.
In a statement released on Thursday, Key said that he wants to get to work on new tax legislation as soon as possible after the official opening of parliament on December 8, when new MPs chosen in the recent election will be sworn in.
"National's intention is to pass its tax legislation before Christmas," Key stated.
"The tax programme is a central part of the economic plan National campaigned on in the run-up to the election," he added.
The Nationals have set out a three-year programme of personal tax cuts beginning on April 1 next year. It delivers rate and threshold adjustments that will see those on the average wage better off by NZD47 (USD28) each week. The Nationals will also introduce a weekly rebate for 'independent' earners (taxpayers earning between NZD24,000 and NZD50,000 who do not receive any form of financial help from the government).
The Nationals also plan to lower the second tier and top rate of tax by 1%, to 20% and 37% respectively. Over the longer-term, the party is seeking to slim down the number of tax thresholds from four to three and lower the top rate to 33%.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment