Prime Minister Chris Hipkins has ruled out implementing a capital gains or wealth tax after the election in any Labour-led government. In a statement released alongside various documents relating to Budget 2023, Hipkins revealed officials were working on a potential wealth or capital gains tax that could offset an income tax cut. Hipkins said the Labour party would draw a line under speculation about tax policy and rule out both a wealth tax and capital gains tax. “I’m confirming today that under a Government I lead there will be no wealth or capital gains tax after the election. “Earlier this year they took a wealth tax plan all the way to Cabinet.

Source: New Zealand Herald July 12, 2023 12:18 UTC