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“Listen to the media broadcasting from Auckland or Wellington and it is all sweetness and light. But go to the rest of New Zealand it is a very different picture.  Around the provinces Kiwis are busting a gut just to stand still. While some politicians’ talk of trams for Auckland, its metal roads for the regions.  Others talk up world-class cities while underinvestment is turning parts of New Zealand into the Third World. There’s a dangerous policy disconnect between big city and country that New Zealand First will correct.”

— Rt Hon Winston Peters

ECONOMIC INDEPENDENCE

  • Stop taxing the growth of the NZ Superannuation Fund (National plans raise $4.3bn in taxes from it up until 2021).
  • Direct the Guardians of the New Zealand Superannuation Fund to prioritise the purchase of shares in New Zealand infrastructure companies when they become economically available.
  • Establish a new low fees state-run KiwiSaver option – KiwiFund – to invest in New Zealand land, assets, enterprises and infrastructure.
  • Make KiwiBank the government’s official trading bank.
  • Re-establish a state-owned insurer to be called KiwiSure to operate at a retail and commercial level.
  • Introduce Government-backed deposit guarantees for majority New Zealand-owned banks.
  • Stop the sale of land and farmland to foreigners.
  • Seriously strengthen the Overseas Investment Act to prevent vertical integration or the loss of strategic business assets.

A FAIRER DEAL FOR TAXPAYERS

  • Establish automatic inflation adjustment for PAYE tax thresholds to end ‘bracket creep.’
  • Remove secondary tax for workers with more than one job.
  • Remove GST from basic food items.
  • Remove GST from the non-service component of Council Rates.
  • Initiate a review into the double-taxation of ‘tax like’ instruments.

BETTER BUSINESS TAXATION AND REGULATION

  • Amend (from 1 April 2018) Capital Limitation rules in the Income Tax Act to treat seismic strengthening as “repairs and maintenance”.
  • From 1 April 2019:
    • Reduce Company Tax rates over three years to 25%.
    • Introduce an Export Tax rate of 20% on export generated income.
    • Introduce a100% depreciation rate for business equipment worth up to $20,000 for each item (exclusive of GST).
    • Introduce Research & Development Tax Credits starting at 125% in the second year when a company invests 2% of its revenue on research, rising to 150% for the third consecutive year and 200% from year four onwards.
  • Give shareholders of Large companies, including cooperatives, a ‘Say on Pay’ for directors and CEO’s, introduce minimum holding periods for executive share schemes and crack down on ‘golden hellos’ and ‘golden parachutes.’
  • Amend legislation, such as the Prudential Supervision Act 2010, to stop boards using loose and unreviewable “fit and proper person” tests to lock out potential candidates.

CLOSE LOOPHOLES

  • Require all government contractors to pay their fair share of tax.
  • Crack down on corporate tax avoidance and base erosion especially with e-commerce providers like Uber and Amazon.
  • Impose stiffer penalties for evasion and similar offences.
  • Introduce, as the UK has recently done, two new criminal offences ‘failing to prevent the facilitation of tax evasion’ – whether done domestically or offshore.
  • Double the criminal penalty for evasion offences to ten years per-offence.
  • Increase the fine for evasion offences ‘from up to’ $50,000 to $5 million per-offence.