asset sale tagged posts

Asset Sales Fund Tax Cuts

December 3, 2013 New Zealand FinanceNew Zealand Taxation

Asset sale protestThe Green Party is claiming that the national assets sales are a means of funding tax cuts for the highest-earners in the country.

In a press release issued on December 2nd the Green Party has claimed that the revenues raised in the recent sale of national assets has yielded less revenue than the tax cuts provided to top earners over the last few years.

According to the Green Party, since 2009 and 2010 when the top marginal tax was cut from 39 percent to 38 percent, and from 38 percent to 33 percent respectively, the cumulative reduction in tax collections from the top 10 percent of earners is nearly NZD 4.5 billion.

Conversely, the projected revenues from the sale of government-owned assets is expected to only reach NZD 3.9 billion.
In the statement the Green Party Co-leader Dr Russel No...

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Asset Sales Decision Delayed Again

February 20, 2013 New Zealand Finance

Stop Asset SalesThe government has once again been delayed in the plan to launch its asset sale program.

The government has decided to await a ruling by the Supreme Court before continue with the current plan of selling off portions of several state owned assets.

The Supreme Court is currently deliberating on whether a judicial review should be held on the sale of the assets, as requested by the Maori Council.

According to John Key, the government would have passed an Order in Council on February 18th to proceed with the sale of the state-owned electricity company Mighty River Power, but the move was delayed as the Supreme Court promised to produce a ruling by the end of this month.

The delay is likely to push back the start of the asset sales, which were originally scheduled to begin in the middle of thi...

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Maori Council Delays SOE Sale Signing

October 24, 2012 New Zealand Finance

Whakamaru Power Station The sale of shares in Mighty River Power has hit a new snag, as the government prepares to go to Court to hear objections regarding the sale.

On October 23rd the Finance Minister Bill English announced that the government will delay the signing of the Order in Council for the partial sale of Mighty River Power.

The Order was postponed upon the advice of the Court, as an interim date of November 26th was set to hear the a challenge in the High Court to the sale from the Maori Council and the Waikato River hapu Poukani.

The sale of Mighty River Power is currently scheduled for March 2013.

Commenting on the upcoming delay to the Order, the Prime Minister John Key said that he expects the issue to reach the Supreme Court, but does not expect the final sale to be delayed beyond March 2013.

Th...

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Government Delays Asset Sale Plan

September 4, 2012 New Zealand Finance

Asset sale protestThe government’s contentious plan to begin the partial privatization of some state owned enterprises has been officially delayed, after concerns were raised by the Waitangi Tribunal.

On September 3rd the Prime Minister of New Zealand announced that the government will delay its proposed sale of state-owned enterprises (SOE) and will not publically offer shares in Mighty River Power until at least the second quarter of 2013.

The Prime Minister explained that the delay will allow the government more time to consult with iwi on the impact that the partial privatization of state owned assets will have on New Zealand’s Maori.

The delay primarily revolves around a “share plus” proposal put forward by the Waitangi Tribunal, under which Maori groups may be granted extra shares or concession when ...

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