MANA Party Supports Transaction Tax

September 12, 2012 New Zealand Taxation

10 Kiwi DollarsThe MANA Party is calling for a new tax on the sale and purchase of the New Zealand dollar.

On September 11th the MANA Party released a statement calling for the government to instate a financial transaction tax in New Zealand in order to address the value of the country’s currency and increase national tax revenues.

John Minto, the vice president of the MANA Party, said “…the most effective way to reduce the value of the dollar is via an FTT [financial transaction tax].”

He also explained that a tax on the purchase or sale of the New Zealand dollar would reduce the occurrence of speculative trading and would lower the value of the currency, improving the profits of New Zealand exporters and boosting the number of jobs in the export industry.

John Minto also said that a Financial Transaction Tax will increase tax revenues in New Zealand and will allow the government to abolish GST.

Explaining the popularity of the New Zealand dollar on the international foreign exchange market, the vice president of the MANA Party said that the country’s high interest rate attracts overseas traders.

Criticizing the current government, John Minto said that “…John Key and Bill English sit on their hands and tell us they can’t do anything and must have faith in the free market,” and added that the situation is “craven lunacy”.

Photo by DMWyllie