30 Oct 2011

Tax system needs overhaul, says Peters

6:41 pm on 30 October 2011

New Zealand First leader Winston Peters has told supporters that an overhaul of the tax system is a priority.

About 300 people gathered for the party's campaign launch on Sunday at Alexandra Park Raceway in Auckland.

After three years out of Parliament, Mr Peters said he was optimistic the party can return there this election.

On tax reform, he said it was not fair that a young person working two jobs has to pay secondary tax while a very rich person with millions of dollars pays no tax.

"If you have one dollar in five that is on the black market paying no tax, then you're making a massive tax loss as a nation.

"We intend to clean it up and there is all manner of examples and prototypes internationally for us to do it."

Mr Peters says New Zealand First would reduce GST from 15% to 12.5%, remove GST from rates and remove secondary tax.