Tuesday, 6 October 2020

Australia and UK show ACT’s tax relief measures work

“ACT’s measures of immediate tax relief and a temporary GST reduction to stimulate growth are being adopted in both Australia and the UK,” says ACT Leader David Seymour.

"Small businesses and consumers in those countries will feel immense relief, don't Kiwis deserve the same? We don’t want to be left behind the rest of the world.

“ACT will cut taxes to get the economy moving again and Kiwis back into work. Tax cuts not only give earners more to spend and invest, they also make work and investment pay.

“We’d cut the marginal tax rate paid by those on the median wage from 30 percent to 17.5 percent.

“Scott Morrison agrees that tax cuts would stimulate the economy and has promised to reduce the burden of tax on Australians.

“Our economic plan also includes reducing GST from 15 percent to 10 percent for a 12-month period.

“The UK agrees with this stimulus measure and has reduced the rate of VAT for certain supplies of hospitality, hotel and holiday accommodation, and admissions to certain attractions.

“As countries around the world come to terms with the massive economic shock from Covid-19, it’s becoming clear that cutting wasteful spending and reducing the tax burden is the way forward.

ACT’s plan for tax relief can be found here