P.M. hopes for Budget this month
PA Wellington The Prime Minister, Mr Muldoon, is keen to finish a review of new listed property trusts in time for this year’s Budget, which he hopes will be this month. Mr Muldoon told a postCabinet press conference that the trusts were “causing some concern.” He said that, taken to a logical conclusion, an increasing number of the trusts could move to a wider range of assets than just properties. This meant “conceivably you could end up with a two-tier stock exchange.” There would be companies and enterprises working under the Companies Act with one form of taxation and others under the Trus-
tee Act with another. The Government was discussing this matter with all concerned with trust schemes, and Mr Muldoon said he hoped “to bring it all together so that we can announce any decisions on the taxation structure of these enterprises at Budget time.”
The Government had also been forced to review the Trustee Act because the activities of some trusts could be outside the scope of the act. It might be desirable to amend the act, Mr Muldoon said.
The Budget could still be brought down this month, but the earliest date for it would be July 21, he said. He could not give a date for the resumption of Parliament.
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Press, 5 July 1983, Page 1
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221P.M. hopes for Budget this month Press, 5 July 1983, Page 1
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