https://www.nzherald.co.nz/business/...WX4WK7NZXPTQ4/
Tax expert Robin Oliver, a former deputy commissioner at the IRD, described the Government's move on interest payments by landlords as "out there". Oliver, who sat on the Government's tax working group in the last term said he could not think of an example of a sector being unable to deduct an expense which was available to all other sectors of the economy. It would amount to "a massive tax penalty on renting out property," he said. "You're taxed on income that you don't actually have, because your profit is your income minus your expenses, but they just ignore the expenses part," Oliver said."You could have almost no profit, maybe a loss, but you still have to fork out thousands of dollars to the IRD. It's not an income tax, it's just a penalty."
Oliver claimed a sharp drop in the Kiwi dollar since the announcement likely reflected international investors fretting about the risk of putting money in New Zealand. "
No new taxes in our next term in Government, anyone remember that ?
I think this comment in the comments section sums it up very well A popover with more user information
"Labour calling interest deductibility a "loophole" is a disgrace, and the business community should demand a retraction of this mis-characterisation. It beggars belief that this actually happened, and shows their anti-business ideology in its full nakedness. Not a pretty sight and will cost them the next election. Jacinda's political capital has just been nuked as far as middle NZ is concerned".