Company tax cuts would shift more profit offshore and threaten local services

Finsec has described the recommendations of the government’s tax working groups as unfair and self-interested, and said that our richest companies and individuals would benefit at the expense of low and middle income workers,

“We believe the thirteen highly paid men on the group have prioritised and aligned the interests of business and the well paid over the interests of ordinary New Zealanders,” said Finsec spokesperson Andrew Campbell. “Any cuts to the company tax rate will primarily benefit foreign owned companies. Australian banks, which make millions in profits, should not receive further tax cuts while their workers have to pay more on GST at the supermarket.”

The tax working group’s recommendation to cut the top personal tax rates would have to be funded from increases in tax elsewhere, including a recommendation to increase GST to 15%.

“It is hard to see how these recommendations will do much to help the average New Zealand household, especially if Working For Families payments and other social services get cut as a result of the changes,” said Campbell.

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