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Friday, November 18, 2005

Calls for tax cuts from IRD

I swear, it doesn't get any better than this...

In its briefing to incoming Revenue Minister Peter Dunne, Inland Revenue said it was concerned "whether we will be able to continue to collect as much company tax as we do at present if we do not lower the rate of company tax".

The department said New Zealand had a relatively high reliance on corporate tax as a revenue source - at present 15 per cent of the total take - and the possible erosion of that tax base was a "material fiscal risk".

What's a Cullen to do?

To hear it directly from Inland Revenue that the business tax take would increase if they lowered the business tax rate is just beautiful. Of course, this comes on top of the recent calls from Treasury for tax cuts as well. I can't wait to see how Jordan spins this one.

"You've got a pretty strong steer from Treasury, you've got a Minister of Revenue outside of the Labour Party who is looking to make a mark, so he's got ammunition now to do what he wanted to do.

"His party and a couple of the other parties were already very sympathetic and now you've got officials basically saying you've got to do it."

Tee hee hee...

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Posted by Bernard Woolley | 11/18/2005 01:14:00 pm


Blogger Antarctic Lemur said...

Ahh, but the Ministry of Social Development is saying Spend! Spend! Spend!

What a surprise.

11/18/2005 01:39:00 pm  

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