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New Zealand first leader Winston Peters says his party is taking a wait and see approach to the report of the tax working group.
The group chaired by former finance minister Sir Michael Cullen made a range of recommendations for making the tax system fairer and finding new sources of revenue, including a capital gains tax.
That’s brought howls of outrage from many sectors including landlords and business, with pressure mounting for the Government to drop the idea.
Mr Peters says it’s a comprehensive report which needs to be studied in its entirety, but the tax may not be as devastating as it’s being made out, especially for Māori.
"Māori don’t sell ancestral land, so how would they get caught with capital gains tax? A lot of farming families don’t intend to sell their land, they want to pass it to the next generation, so how would they get caught with capital gains tax? There is no capital gain because they don’t see the property or the asset or the land in the way certain cultures see it, so there is a whole lot more thinking that is required to be done," he says.
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