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New Zealand Opposition Sets Out Election Tax Cuts,
by Mary Swire, Tax-News.com, Hong Kong
Thursday, October 09, 2008
John Key, leader of New Zealand's main opposition National Party, has announced
his party's electoral tax package, which details changes to personal income tax rates and
thresholds, and the introduction of an 'Independent Earner Rebate.'
"Taxes affect decisions to work, save, spend, or invest, so tax can have
a big impact on economic growth and future prosperity. Our tax policy is one
of responsible reform. People want to know that valued public services will
be protected and that effort will be rewarded. Business wants to know that competitiveness
will be maintained and that consumer confidence will be supported," Key
commented on Tuesday upon announcing the tax pledges. The centre-right National
Party is seeking to break the ruling Labour Party's long run in power at the
general election on November 8.
According to Key, the package requires no additional borrowing, or cuts to
frontline services to fund it.
"There is, in fact, a small saving to be made, of NZD283 million (USD166mn),
which will be used to begin reducing the operating deficit," he claimed.
The 2008 package sets out a three-year programme of personal tax cuts beginning
April 1 next year. It delivers rate and threshold adjustments that will see
those on the average wage better off by NZD47 each week. This includes the tax
cut introduced by the current government on October 1.
Key says that his party will also introduce a weekly rebate for independent
earners. These are personal income-tax payers with an annual income between
NZD24,000 and NZD50,000 and who do not receive any form of financial entitlement
from the government.
The rebate in 2009 will be NZD10 per week (NZD520 a year) and will increase to
NZD15 per week (NZD780 a year) from 1 April 2010.
"We have ensured that our 2008 package is appropriate for the current
conditions. We have also ensured that it does not restrict future movement on
rates and thresholds," Key said.
"Our medium-term goal is to deliver a three-tier personal tax system with
the highest rate of no more than 33% on income above NZD50,000. This is what
we will work towards as future economic conditions allow," he explained.
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