Explanation] of Labour ‘surcharge’
PA Auckland. A Labour Government would exempt fertiliser and virtually all imports needed for farming from its proposed foreign exchange surcharge, the Deputy Leader of the Opposition (Mr Tizard) has told students at the University of Auckland. He said imports needed for goods that were to be manufactured in New Zea land, then exported, would also be exempt from the surcharge.
Oil imports, would not be fully exempted, but they might not have full surcharge imposed on them.
Mr Tizard maue the comments in reply to a question about the Labour Party "alternative Budget,” which proposes the introduction of a foreign exchange surcharge as a main means of paying for big income tax cuts.
He said that the surcharge would “catch” a lot of people benefiting from untaxed capital gains which they were spending on overseas trips or imports.
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Press, 26 June 1978, Page 13
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143Explanation] of Labour ‘surcharge’ Press, 26 June 1978, Page 13
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