New Zealand Prime Minister Jacinda Ardern said on Wednesday her coalition govern...
WELLINGTON - New Zealand Prime Minister Jacinda Ardern said on Wednesday her coalition government would not proceed with a proposal for a capital gains tax due to a lack of consensus and ruled out ever implementing such a tax under her leadership.
The surprise decision went against the position Ardern’s Labour Party had taken for more than a decade. The party had campaigned to bring in a tax on capital gains income to ensure fairness and balance.“All parties in the government entered into this debate with different perspectives and, after significant discussion, we have ultimately been unable to find a consensus,” Ardern said in a statement.
The proposed capital gains tax covered assets such as residential rental properties, land and buildings, business assets, intangible property and shares.
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