Online Press Release Service for New Zealand
Labour’s unfunded policy to remove GST from fresh fruit and vegetables would deliver only $1 a week for the average Kiwi – and much less for low income earners, Finance Minister Bill English says.
Tax changes on 1 October, 2010 will increase superannuation payments. A single (living alone) superannuitant will receive an extra $31.26 a fortnight, and married couples will receive an extra $42 between them in their fortnightly payments.
Tax changes on October 1, 2010 will boost real wages. Personal income tax rates will be cut, bank saving resident withholding tax rate will drop, the top tax rate on savings in PIE investments will drop and GST will increase.
A GST Advisory Panel has been established to help businesses and the Government implement the GST increase in Budget 2010.
TIA says the GST increases will be challenging for tourism operators who have set their prices up to 2012.
GST changes and compensation in Budget 2010.