Taxation (Annual Rates, GST, Trans-Tasman Imputation and Miscellaneous Provisions) Bill

I rise to comment briefly on the importance of the zero rating of GST in financial services, and just to say this: the financial services sector has produced some of the finest people in New Zealand! Their contribution has been absolutely incredible. It has been wonderful to see the way they have been distributed throughout sport, culture, arts, and, of course, politics, although I know not many! I believe that zero rating of GST will make this industry even more successful and more profitable, and will add to the woes of the Green Party—that is, their worries about New Zealand’s savings ratio. Even if we had the same savings ratio as Australia, I do accept that reliance on foreign capital is an issue. The National Party will be supporting Part 4 of this very important bill.

Part 4 agreed to.

New Schedule 1