National is committed to building a stronger economy. The 1 October tax changes will help tilt the economy towards savings, investment and exports, and away from unsustainable borrowing, consumption and over-investment in housing.
We are reducing resident withholding tax rates on savings such as interest on bank accounts to align with the lower personal tax rates, and reducing the tax rates for portfolio investment entities (PIEs) and managed funds. From the 2011/12 income year, the company tax rate will also reduce from 30 per cent to 28 per cent to help New Zealand companies remain internationally competitive.
Significant across-the-board tax cuts are not just about giving people more money in their pockets, they are about providing the right incentives. National’s tax cuts will encourage people to get more skills and seek better-paying jobs, and will help attract and retain skilled people in New Zealand.
Only a growing economy can create sustainable jobs, provide the world-class health and education services that families need, and deliver the higher incomes that all New Zealanders deserve.
More information: http://www.beehive.govt.nz/feature/1+october+tax+cuts
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