Yesterday, Jacinda Ardern outlined the Government’s response to the Tax Working Group, including that the Government will not be introducing a Capital Gains Tax.
What you need to know:
- The Government is not adopting any of the recommendations on Capital Gains Tax. This is not because Labour does not believe in a CGT, but because we don’t believe New Zealanders do.
- The Government will continue to strive for a fairer tax system, and to target groups like speculators and multi-nationals who do not pay their fair share.
- A number of the recommendations the TWG made will now be taken forward by Finance Minister Grant Robertson and Revenue Minister Stuart Nash.
What happens now?
We are continuing to strive for a fairer tax system, and to target groups like speculators and multi-nationals who do not pay their fair share.
We're now focusing on the long term challenges facing New Zealand, including reducing the number of children living in poverty, taking meaningful action on New Zealand’s mental health crisis, and tackling climate change.