The Resource A comprehensive capital gains tax in New Zealand - no longer political Hari-Kari? A consideration of the Labour Party proposal of 2011

A comprehensive capital gains tax in New Zealand - no longer political Hari-Kari? A consideration of the Labour Party proposal of 2011

Label
A comprehensive capital gains tax in New Zealand - no longer political Hari-Kari? A consideration of the Labour Party proposal of 2011
Title
A comprehensive capital gains tax in New Zealand - no longer political Hari-Kari? A consideration of the Labour Party proposal of 2011
Creator
Subject
Language
eng
Summary
Political commentators have long said that the enactment of a comprehensive capital gains tax (CGT) in New Zealand would be "[a] sure-fire path to political suicide". However, in more recent times there may be a change in the mood of the nation with a number of commentators as well as business and political leaders supporting the introduction of a CGT. In the 2011 General Election, the centre-left Labour Party campaigned on inter alia introducing a comprehensive CGT levied at a rate of 15 per cent. The Labour Party was unsuccessful in the 2011 General Election. However, in the current Mixed Member Proportional (MMP) electoral system, it is certainly possible that the 2014 General Election could see the Labour Party forming a government with the Green Party of Aotearoa New Zealand and the consequent introduction of a CGT. This article considers the CGT proposed by the Labour Party in 2011. It notes that aspects are consistent with CGT regimes generally, such as it being realisation-based with exclusions for the principal private residence and personal assets and collectibles. However, other aspects, including the rate and the retention of existing provisions that tax gains from dealers at their marginal tax rates, could provide definitional issues and arbitrage opportunities between the income tax and the CGT
Citation source
In: New Zealand journal of taxation law and policy. - Wellington. - Vol. 20 (2014),
http://library.link/vocab/creatorName
Maples, A.J
Geographic coverage
Pacific Islands
Language note
English
http://library.link/vocab/subjectName
  • capital gains tax
  • tax policy
  • exemption
  • income tax
  • arbitration
Label
A comprehensive capital gains tax in New Zealand - no longer political Hari-Kari? A consideration of the Labour Party proposal of 2011
Instantiates
Publication
Label
A comprehensive capital gains tax in New Zealand - no longer political Hari-Kari? A consideration of the Labour Party proposal of 2011
Publication

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