Exchange levy
PA Auckland Very little of the burden of Labour’s proposed foreignexchange levy will be carried by the average wage-earner, according to Mr R. O. Douglas, the member of Parliament for Manukau. He said that the levy would mostly have the effect of increasing the price of “luxury imported items.” The cost of the levy to the average wage-earner would therefore be very small. Labour has proposed the levy, which would be payable on all purchases of foreign
exchange, with certain exceptions, as a means of making up part of the shortfall in Government revenue that would result from promised income-tax cuts. Mr Douglas said that freight payments on exports definitely would be exempted from the levy. The party had not yet decided whether the tax-free allowances and rebates provided for in the Labour plan should be indexed to rises in the cost of living or in wages. “My own view is that it will probably be to wages,” said Mr Douglas.
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Press, 16 August 1978, Page 14
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163Exchange levy Press, 16 August 1978, Page 14
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