As New Zealanders await the formation of the 54th government after a whirlwind General Election, it’s time to explore the potential future of tax policies in the country. The election results show a turn to the right, with National and ACT gaining seats and New Zealand First re-entering Parliament. Now, as these parties negotiate coalition agreements, we delve into the current state of tax affairs and the promises made during the campaigns. To gain insight beyond campaign rhetoric, we analyze statements from various sources like Hansard, Committee hearings, and reporters’ questions. However, these projections come with a degree of uncertainty, as areas of ambiguity will need to be clarified.
The State of Play: The General Election was held on October 14, resulting in a shift to the right. National and ACT gained a substantial number of seats, and New Zealand First secured its return to Parliament. National and ACT currently have a slim combined majority of 61 seats out of 120, subject to finalizing the overhang caused by parties winning more electorate seats than party votes. The outcome depends on the half-a-million special votes, traditionally favoring the left, set to be announced on November 3, 2023. Additionally, the Port Waikato by-election could further alter the balance, with voting closing on November 25.
What to Expect? Tax Policies: The status of recent tax legislation will significantly impact the direction of tax policy changes. Legislation introduced before the election has lapsed, requiring the incoming government to decide whether to continue, amend, or draft new statutes. The specifics of key statutes and their current status will play a crucial role in shaping the future of tax policies.
The post-election scenario is marked by uncertainty, and time will reveal the actual tax changes to come. Keep an eye on special vote outcomes and Inland Revenue’s briefing to the new Minister of Revenue. A potential mini-budget may bring forth tax-related proposals. Regardless, the New Zealand tax community can expect an active period of discussions and potential changes in the tax landscape. Stay tuned for developments in the evolving tax policy landscape.
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