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# U-Turn of the Day
- URL: https://goodoil.news/u-turn-of-the-day/
- Published: 2022-08-31T18:30:00.000Z
- Updated: 2022-08-31T07:41:44.000Z
- Author: Good Oil Staff
- Tags: NZ Politics, Politics, #wp, #wp-post, #Import 2024-07-16 22:48

This is quite possibly the fastest political U-turn in the entire world!

> **Govt announces major U-turn on KiwiSaver GST plan following heavy criticism**  
>  
> The Government is scrapping its plan to charge GST on KiwiSaver accounts after widespread backlash.  
>  
> Quietly introduced on Tuesday, the Bill was being [described as a “sledge hammer to retirement funds”](https://www.newshub.co.nz/home/politics/2022/08/government-s-planned-gst-charge-on-kiwisaver-a-brand-new-tax-specialist-says.html?ref=goodoil.news) that could cost people thousands of dollars.  
>  
> However, Revenue Minister David Parker confirmed on Wednesday afternoon the plan would not go ahead.  
>  
> Newshub

> The National Party is euphoric over the Government’s stunning backdown on plans to charge GST on KiwiSaver fees less than 24 hours after introducing new legislation into the House.  
>  
> \[…\] just after 1 pm on Wednesday, [the proposal was killed](https://www.newshub.co.nz/home/politics/2022/08/government-scraps-plans-to-tax-kiwisaver-after-backlash.html?ref=goodoil.news).  
>  
> Newshub

[Read more here.](https://www.newshub.co.nz/home/politics/2022/08/government-s-kiwisaver-tax-backdown-national-euphoric-ministers-don-t-want-scheme-undermined.html?ref=goodoil.news) Discuss it on The BFD.