Tax remains a no show in Budget 2022
Wellington, 19 May 2022 – The lack of any tax announcements in today’s Budget announcement was not surprising but it’s lack of presence did not go unnoticed says Deloitte Partner Robyn Walker.
“While tax has barely been out of the headlines in the last 12 months, it was a welcome relief to see the trend of tax reform-light budget,” she said.
Budget 2022 was not short on delivering assistance in many areas, but there was no tax relief for businesses, many still recovering from the impact of COVID-19, to reduce compliance or incentivise economic activity.
More positively, tax revenue has held up well in the past year and is projected to do the same in the coming years, resulting in no strong case for additional taxes at this time.
“Whilst tax may no longer be the focus of budgets as it has been in years gone by, we can be certain that it will continue to be hotly discussed and won’t disappear from the headlines anytime soon,” Ms Walker concludes.
For Deloitte’s full Budget 2022 commentary visit https://www2.deloitte.com/nz/budget2022.
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