Tax reforms to signal end of Kiwi Made?
By | Jul 28, 2008
The Government’s omnibus tax bill is set to incentivise New Zealand companies to relocate their manufacturing offshore.
It would appear, sometimes, as though the gap between Labour and National can be measured in terms of microns….
Gordon Campbell has a few things to say about this:
http://election08.scoop.co.nz/gordon-campbell-on-the-killing-of-local-manufacturing/
Jo Doolan put it this way in the Independent Financial Review a couple of weeks ago,: “If you manufacture in a country such as China [ think as an example : Icebreaker ] your income won’t be taxable in New Zealand…while I applaud this as a measure that makes us more competitive internationally, I worry about how much business this could drive offshore.” Me too. Especially when the Bill is being packaged as the very opposite. Page two of the Bill for instance says: ‘ The current rules impose additional tax costs on globally connected firms that are not faced by firms resident in other countries. This difference, more pronounced over time, is creating an incentive for New Zealand firms to migrate, in particular to Australia.“
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