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Read more with google mobile : NZ budget cuts income taxes to speed recovery

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World NZ budget cuts income taxes to speed recovery By RAY LILLEY,Associated Press Writer - 1 hour 58 minutes ago Send IM Story Print WELLINGTON, New Zealand – The government unveiled New Zealand's biggest tax changes in a quarter century Thursday, making across-the-board cuts in personal taxes in its annual budget that will be paid for by a hike in sales and property taxes. The tax package would encourage investment, savings, job creation and living standards, strengthen economic recovery and discourage property speculation and excess borrowing, Finance Minister Bill English said. "Our top priority is to get this economy growing as we come out of the recession," he told journalists. "This is a once-in-a-generation opportunity to change the direction of this economy." The tax reforms aimed at lifting taxpayers' disposable incomes came a year after the center-right government abandoned planned personal tax cuts and doubled borrowing levels to steer the economy through the global recession. English said the reforms are forecast to add 170,000 new jobs to the economy within four years, ensure higher household incomes and add 1 percentage point a year to the country's gross domestic product growth by 2016. The cuts to all personal taxes would cost 2.9 billion New Zealand dollars ($2 billion) in their first year. The blow to government revenue will be offset by a rise to 15 percent from 12.5 percent in the country's broad-based goods and services tax. Among other moves, loopholes that property investors and the wealthy have exploited to avoid taxes would be closed, he said. The changes would "reshape incentives across the whole economy" with only tax dodgers paying more taxes on their incomes, English. Some 73 percent of all taxpayers would "pay a top tax rate of 17.5 percent or less." Opposition Labour Party leader Phil Goff immediately characterized the tax cuts as helping the wealthy "and unfair to ordinary New Zealanders." Prime Minister John Key rejected the claim, telling Parliament: "This is a budget for the many, not the few." The new tax rates apply from Oct. 1, and include cutting company tax rates to 28 percent from 30 percent. The sales tax rise is projected to cause a one-off spike in annual inflation to 5.9 percent in 2011, up from the current 2.2 percent rate, before falling back to 2.4 percent the following year. The government's deficit for the budget year to June 30, 2011, is likely to reach NZ$8.6 billion ($5.9 billion) _ the nation's second deficit in a decade _ and return to surplus in 2016, two years ahead of earlier forecasts. English said he would borrow more than $8 billion a year for the next three years to cover the government's deficit. Government gross debt is projected to peak at NZ$68 billion ($47 billion) or 27 percent of gross domestic product in 2015 and then begin to decline. International credit rating agency Standard & Poor's said that its view on New Zealand's sovereign AA plus long-term creditworthiness rating was not immediately affected by the budget. "Although the deficit in 2011 is large, we note that the outlook has improved ... and there remains an achievable and believable path to return the operating position to surplus," agency credit analyst Kyran Curry said in a statement. 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