Capital Gains Tax would hit 13,000 Southland businesses

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Fri Apr 05 2019 13:00:00 GMT+1300 (New Zealand Daylight Time)

Capital Gains Tax would hit 13,000 Southland businesses

Friday, 5 April 2019, 4:04 pm
Press Release: New Zealand National Party

Labour’s proposed Capital Gains Tax would hit more than 13,000 businesses in Southland, discouraging the region’s entrepreneurs and innovators, Leader of the Opposition Simon Bridges says.

“The Tax Working Group’s proposed Capital Gains Tax would punish and deter Kiwis starting a business and those near retirement who want to sell up and realise their nest egg. In between they would be hit with more costs like thousands of dollars for valuations.

“We’re a nation of small businesses and some will become tomorrow’s major companies. A Capital Gains Tax puts road blocks in the way of our start-ups and would chase our best and brightest overseas. It is the last thing our economy needs.

“There are 13,914 businesses in Southland and like the rest of New Zealand, the vast majority are smaller firms. This is on top of 21,289 Southland properties over 4500 square metres that would be taxed.

“We shouldn’t discourage start-ups that want to grow and create more jobs. Their successes lift the prospects for all our communities. This would be a tax on entrepreneurs, innovators and all those willing to take a risk to build something bigger than themselves.

“National believes New Zealanders should keep more of what they earn. We will fight the Government’s proposed tax grab every step of the way. We will repeal a Capital Gains Tax and we will not introduce any new taxes in our first term.”

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