This article was originally created for Hayes Knight (now Nexia Auckland).
Home > Updates > Capital Gains Tax proposals dumped
A consequence of the Government’s decision not to adopt the CGT recommendations is that no further work will be undertaken on the personal income tax recommendations. This means the Government will not undertake any further work on considering increasing the bottom threshold of personal tax and will not reduce the top marginal tax rate.
A refreshed tax policy work programme will be released mid-year. We can expect it will touch on the other priorities that the Government have announced, which include progressing legislation for research and development tax incentives, GST on low-value goods from offshore suppliers, a discussion document on a digital services tax and further work to ensure multinationals pay their fair share of tax.
A full list of the Government’s responses to the TWG recommendations can be found here – http://taxpolicy.ird.govt.nz/news/2019-04-17-government-responds-twg-recommendations#statement