U-Turn of the Day

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” 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.

Newshub

Read more here. Discuss it on The BFD.