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Andrew Hoggard.
The Government's decision not to proceed with a capital gains tax has been approved by farmers.
Federated Farmers says it is heartening evidence that the coalition government is willing to put well-reasoned and practical considerations in front of ideology.
"It’s clear the coalition partners have listened to widespread concerns that a capital gains tax has too many downsides, including massive administration costs and the potential to put the handbrake on the progress of small and medium businesses vital to our economy," Feds economics spokesperson Andrew Hoggard says.
"It seems to us that New Zealand First has been pivotal in this decision, and we appreciate their pragmatism.
"The Prime Minister spoke this afternoon about new measures to tackle land banking and land speculation, an approach that has a much better chance of tackling our housing affordability issues than a CGT."
Federated Farmers is pleased the Government is committing to looking at the compliance cost reduction ideas mentioned in the Tax Working Group’s report.
"There were a number of these that are worth looking at, including increasing various thresholds (e.g., for provisional tax) and simplifying depreciation and Fringe Benefit Tax, and removing resident withholding tax on close company-related party interest and dividend payments," says Hoggard.
"We’re also pleased with the assurance that there will be no resource rental for water or fertiliser tax — at least in this term of Government."
Federated Farmers says new legislation replacing the Resource Management Act will cut red tape, unlock investment and help grow New Zealand's export-led economy, after the Planning Bill and Natural Environment Bill passed their third reading in Parliament yesterday.
Leading figures from the major political parties will be questioned on their primary sector policies at the Rural Issues Debate at Mystery Creek Events Centre, Hamilton, on 30 September.
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