For too many New Zealanders, everyday life has become a constant battle to stay ahead.
You earn your wage, tax is taken before it reaches you, and then GST and other taxes and charges continue to affect what you spend.
NZ Loyal is proposing a fundamentally different approach: replace existing taxes with a single 1% Transaction Tax. Under the party’s published policy, the 1% would apply when money moves, including electronic payments, online transactions and securities trades etc.
The objective is simple: reduce the tax burden on productive work and leave more money with New Zealanders.
In practical terms, NZ Loyal says its proposal would mean:
- No income tax – workers would keep their gross earnings rather than having PAYE income tax deducted
- No GST – removing the 15% GST component currently applied to most goods and services
- No company tax – allowing businesses to retain more of their earnings for wages, investment and growth
- One simple 1% Transaction Tax – replacing the existing multiple-tax structure
- Less tax administration – NZ Loyal proposes eliminating Inland Revenue as part of the change and substantially simplifying tax compliance.
For an everyday household, the intention is straightforward: more of what you earn remains available for groceries, rent or the mortgage, power, fuel, children, savings and getting ahead.
For small businesses, NZ Loyal argues that removing company tax, GST and much of the associated tax administration would allow more resources to remain available for operating, employing people and investing in the business.
It is a major change from New Zealand’s present tax system, and the revenue assumptions and wider economic effects would need to be assessed against transaction volumes and behavioural responses. An expected increase in transactions would increase tax revenue.
NZ Loyal’s broader monetary and taxation policy says revenue from the Transaction Tax would fund public goods and services alongside its proposed changes to sovereign currency and infrastructure funding.
Practical problems require practical solutions.
- MORE PAY IN YOUR POCKET.
- THRIVE – DON’T JUST SURVIVE.
Read the full NZ Loyal Monetary & Taxation Policy: 1% Transaction Tax Policy
WONDERFUL TO FINALLY SEE SOME CAMPAIGN ISSUES BROUGHT TO LIGHT THAT OTHER POLITICAL PARTTIES HAVE NOT ADDRESSED NOR HAVE ALTERNATIVE PLANS FOR!
KELVYN ALP IS A MASTERMIND, AND THE NEW ZEALAND LOYAL BOARD MEMBERS AND CANDIDATES HAVE WELL THOUGHT-OUT SOLUTIONS TO MANY, IF NOT ALL, OF NEW ZEALAND’S PROBLEMS!
NO MORE IRD…
NO GST OF 15%…
NO CORPORATE TAXES…(WHICH AMAZES ME THAT NO NZ COMPANIES ARE ENDORSING NZ LOYAL’S TAX AND MONETARY POLICIES..ARE THESE CEO’S AND THEIR CORPORATE BOARDS OF DIRECTORS SO IGNORANT OF CHANGES THAT WOULD HELP THEIR BUSINESSES?)