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Stuart Nash says it's clear the public didn't want a CGT

Author
Newstalk ZB,
Section
Audio,
Publish Date
Thursday, 18 April 2019, 7:47AM
In doing so she has rejected a key recommendation from the Tax Working Group - which cost an estimated $2 million to run. Photo / Getty Images.

Revenue Minister Stuart Nash says it's clear that the Capital Gains Tax proposal didn't have the country's support.

Yesterday, Prime Minister Jacinda Ardern announced the Government won't be implementing a Capital Gains Tax.

Ardern said there was no mandate - and no consensus - for a CGT and under her leadership, the Government would never push for a capital gains tax.

In doing so she has rejected a key recommendation from the Tax Working Group - which cost an estimated $2 million to run.

Stuart Nash told Mike Yardley it is clear that this isn't something the public wants.

"It appears clear now that we haven't got a mandate from the public so that's done and dusted."

When asked whether he feels partly responsible for failing to win over the public, Nash said it is a tricky situation.

"The Tax Working Group was an independent group, they came out with a majority report and then a minority report. It was a very big question of should we have gone hard on the minority report, should we have talked about the minority report or should we have just worked internally?"

He said the Tax Working Group did the best that they could do under the circumstances.

"Given the constraints that we set, they came up with a Capital Gains Tax as it would look like in an ideal world. We then had to take that and cast a political eye over it...and say okay what is acceptable to New Zealand?"

When asked whether they seriously thought they could get the tax past their coalition partners, Nash said they wouldn't have pushed for a Capital Gains Tax if they didn't think there was an opportunity for one.

He said they are also working on other measures to make the tax system is fair.

ON AIR: Marcus Lush Nights

8PM - Midnight