“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
- 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.
- 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.