Jacinda “no New Taxes” Ardern Introduces New Tax

The New Zealand Taxpayers’ Union says it’s despicable that a Government that promised not to introduce new taxes has introduced a $103 billion tax - on savings and retirement.

Responding to the new Super Tax on Super, Taxpayers’ Union Executive Director Jordan Williams says:“Kiwis are experiencing a cost of living crisis and seeing more of their paycheck go to fundamental needs like housing, food, and fuel, leaving little for savings. But instead of a helping hand, the Government’s putting its grubby hands deeper into our KiwiSavers.”

“Now is the time for the Government to be reining in their own irresponsible spending of taxes to ease the burden on Kiwis, not skimming our savings!”

“Minister Parker’s announcement today that he’s providing tax relief for Fringe Benefit Tax on public transport paid by employers is is a political and financial crumb in the context of reaching into people’s KiwiSaver accounts.”

“The problem with taxing KiwiSaver and investments is the cost is cumulative. Every extra dollar taken by the Government means far less available for retirement.”

“We note ACT’s comments that this is about tax equality of treatment. They are wrong, and need better advice. Financial services have always been GST-free, and whether a person invests in term deposits or KiwiSaver funds, the treatment should be the same. This is a tax grab by the Government, and ACT and National need to condemn it and commit to reversing it.”

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