National wants sale of N.Z. Steel probed
PA Wellington The deputy leader of the Opposition, Mr Don McKinnon, said National would call for an inquiry into the sale of New Zealand Steel to Equiticorp. This followed allegations that Equiticorp would have a $2.5 billion tax write-off as a result of
the purchase, said Mr McKinnon. “It is obvious... that the taxpayer will be paying Equiticorp to take New Zealand Steel,” he said. The Minister of Finance, Mr Douglas, said the depreciation allowances available to Equiticorp were available to
any company commissioning new plant, under the Income Tax Act. “No matter who owned New Zealand Steel, the taxpayer would bear that cost,” he said.
“The real issue is why the previous Government poured $2 billion into expanding New Zealand Steel in the first place.”
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Press, 1 December 1987, Page 8
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133National wants sale of N.Z. Steel probed Press, 1 December 1987, Page 8
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