New Zealand’s Finance Minister Michael Cullen has announced that the government is working towards delivering “significant tax reductions” to help the business sector.
Addressing the parliamentary finance and expenditure select committee, Dr Cullen indicated that a key tax reduction move would likely involve higher depreciation rates on ‘short-lived assets'.
This is expected to be of particular interest to the information technology sector.
According to Cullen, tax cuts would lead to a significant reduction in business tax revenues, although somewhat disappointingly for the business sector, he remarked that a reduction in New Zealand’s 33% general company tax rate is “not my priority.”
However, the finance minister announced that moves in the company tax arena will help most New Zealand businesses, particularly small to medium-sized enterprises.
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