Finance 

Stronger protection for investors with law change

03.09.2008

Finance companies, building societies, credit unions and other deposit takers will be required to obtain credit ratings and meet tougher prudential requirements as a result of important legislation enacted today, says Finance Minister Michael Cullen.

The Reserve Bank Amendment Bill (No 3), extending the Reserve Bank's responsibilities to become the regulator of non-bank deposit takers, has now been enacted into law.

The framework will apply to non-bank deposit-takers, including finance companies, building societies and credit unions. T...  more +

Key cancels 2011 tax cuts

01.09.2008

John Key has inadvertently admitted that National would not deliver more rounds of tax cuts than Labour, but will instead just change the ordering of the government's three-staged $10.6 billion tax cut programme, Finance Minister Michael Cullen said.

In a press statement today announcing National's billboard campaign, John Key said if elected National would keep in place the first round - which will be delivered on 1 October - and then would cut taxes again in 2009 and 2010.  The government will cut taxes in 2010 and again in 2011. <...  more +

Stapled stock legislative changes introduced

27.08.2008

The government has introduced legislative changes to treat certain stapled stock instruments as equity for tax purposes, to prevent a loss to the revenue through their use.

The changes have been added to the Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill by means of a Supplementary Order Paper released today.

"As announced in February, the proposed changes are aimed at preventing a large, potential revenue loss arising from compa...  more +

Address to the Association of Superannuation Funds of New Zealand conference

28.08.2008

Finance Minister Hon Dr Michael Cullen's speech notes prepared ahead of the opening address to the Association of Superannuation Funds of New Zealand conference, Auckland Good morning and thank you for that introduction.

It is a pleasure to be able to speak with major players in the savings industry in what has been a major year for savings in New Zealand.

I will open my brief comments today with a reflection on how far we have come in transforming the savings landscape in New Zealand since I spoke to the ...  more +