Geof Nightingale: PWC tax partner says a windfall tax not best tool in the box, politically risky

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Recorded19 Jul 2022

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Concerns some businesses are using inflation as a good excuse to raise prices higher than they otherwise would.Industries dealing with things like food, beverage, and tobacco products have been raking in profits upwards of 85 percent on last year.PWC tax partner Geof Nightingale says New Zealand is unlikely to follow the UK and Spain who have imposed taxes on excess profits.He told Tim Dower it's not the best tool in the toolbox, and is too politically risky.He says when Australia introduced an excess profits tax on the mining industry in 2010, it cost the then Prime Minister his job.LISTEN ABOVE See omnystudio.com/listener for privacy information.

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