Tuesday, February 2, 2010

May 20 Overhaul of Tax Sytem Possible

The budget will be delivered on May 20 but New Zealanders may get a better idea about the Government's plans for the tax system next week, Finance Minister Bill English said today.
"The Budget will be about taking action to grow the economy over the next five years and beyond," English said in a statement.

He said his second budget would focus on improving the economy, getting the Government's books back in shape and could also address changes to the tax system.
It recommended a package of changes including a land tax, changes to the treatment of rental properties, increasing GST and lowering tax rates.

"Some sectors will pick up faster than others, some businesses will do better than others, some people are going to be carrying the cost of the recession some time yet as they look for jobs and try to get their incomes up," Mr English said.

"It will build on the Government’s substantial economic programme last year and give businesses the confidence to invest and create jobs.

The budget would try and create broad-based recovery and "incentives for hard-working Kiwis to get ahead" as well as increasing savings and investment.

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