New Zealand government rules out capital gains tax

[WELLINGTON] New Zealand Prime Minister Jacinda Ardern said on Wednesday the government would not proceed with a proposal to implement a capital gains tax.

A tax working group in February said the government should begin taxing capital gains income to ensure fairness and balance of the tax system.

"All parties in the government entered into this debate with different perspectives and, after significant discussion, we have ultimately been unable to find a consensus," Ms Ardern said in a statement.

"As a result, we will not be introducing a capital gains tax," she said. 

REUTERS