Foreign 'stamp duty' beats an outright ban, say tax advisers

Queenstown homes in the $2m-plus price range aren't being bought by first home buyers, anyway. (Image: BusinessDesk)

Wed, 30 Aug 2023

National’s plan to set up a de facto stamp duty on foreign buyers of New Zealand property is expected to raise more than $700 million annually if it comes into force.According to numbers from KPMG, that’s based on applying a 15% tax on properties valued at more than $2m, which the accountancy firm estimates at about 2,000 property sales annually.The approach, unveiled by the National party on Wednesday, would come into effect under a new government during the 2025 fiscal year and would include the removal of a foreign buyer ban that...

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