Backdown: Govt drops GST on KiwiSaver fees

Under fire: revenue minister David Parker. (Image: BusinessDesk)

Wed, 31 Aug 2022

The government has swiftly abandoned plans to raise an extra $225 million a year by imposing GST on fees charged by KiwiSaver providers and other fund managers.The move follows a ferocious political backlash against the proposals, which lasted less than 24 hours after their introduction without public notification in a routine ‘omnibus’ tax bill.A statement from the revenue minister, David Parker, sought to place blame on the move getting as far as legislation on advice from the Treasury and Inland Revenue Department.“Inland R...

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