Housing supply tax fears eased
The Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Bill, which is part of the government’s new investment property tax reforms, was introduced into Parliament late last year.
During the submission period, the Auckland District Law Society’s property law committee warned that the residential land withholding tax (RLWT) could have a negative impact on the development of new housing.
There are many offshore developers active in New Zealand.
The ADLS was concerned that requiring the payment of RLWT on every transaction would have a serious impact on their cash flow.
Auckland District Law Society vice president Joanna Pidgeon said the Bill did not allow for developers to offset costs when the RLWT is paid.
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