Government Abandons Unpopular New Tax on KiwiSaver Fees
August 31, 2022
The Government has abandoned plans to charge GST on KiwiSaver fees less than 24 hours after first announcing the scheme.
Revenue Minister David Parker said Inland Revenue and Treasury advised the change to remove a loophole used by large financial companies, so they would have to align with how others in New Zealand paid GST.
“However, it is clear from the reaction to this proposal that it has caused concern for Kiwis.”