New Zealand may introduce land tax on offshore owners of homes in country
The Prime Minister of New Zealand, John Key has said that the government is planning to introduce a land tax on offshore owners of homes in the country.
The tax is expected to be introduced as soon as next year and the government is preparing to release data relating to the scale of offshore investment in New Zealand's housing market for the first time, in around two to three weeks. Experts said that if the government finds that the offshore buyers are pushing up prices, it will use the new tax to lower demand.
Mr Key also pointed out reasons for the government to consider introducing such a tax after ruling out some time earlier that offshore investors are pushing up process in the New Zealand housing market. He said that the government would like to have tax options if the new data showed that overseas investment is an important factor in increasing prices of homes in the country.
The Government has asked expert advice on the matter in the previous year but rules out stamp duty and a total ban on foreign investment as that would violate global agreements. A land tax is permissible under the country's free trade agreements.
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