Recommended NZ | Guide to Money | Gimme: Competitions - Giveaways

CGT axing good news for small business - Retail NZ

Contributor:
Fuseworks Media
Fuseworks Media

Retail NZ says today's announcement that the Capital Gains Tax will not proceed is great news for small businesses.

"Retail NZ welcomes the announcement that the Government is not proceeding with the introduction of a Capital Gains Tax," Greg Harford, Retail NZ Interim Chief Executive, said today.

"A Capital Gains Tax would have caused real problems for those investing in small businesses. Many small business owners use the goodwill built up in their businesses as a modest retirement savings plan. Many were concerned about the impacts of losing a large chunk of their life savings to the Government through the proposed tax.

"The tax would likely have had a chilling effect on investment in business, and overall, Retail NZ is pleased that the Government has listened and has announced that it will not proceed with the Tax.

All articles and comments on Voxy.co.nz have been submitted by our community of users. Please notify us through our contact form if you believe an item on this site breaches our community guidelines.