Tabuteau FletcherFLETCHER TABUTEAU (Deputy Leader—NZ First): Thanks Madam Assistant Speaker. It's a pleasure to rise on behalf of New Zealand First and the Government to speak to this the Taxation (Annual Rates for 2019–20 GST Offshore Supplier Registration and Remedial Matters) Bill.I just want to address—if you'll allow Madam Assistant Speaker—some of the claims made by Opposition speakers. They both used their contributions to talk down the Provincial Growth Fund. They used this opportunity somehow to talk about Minister Jones. But I challenge those members opposite to go into the Hawke's Bay today tomorrow next week and talk to the people in the provinces about what the Provincial Growth Fund has done for them—Hon David Bennett: They're laughing at it.FLETCHER TABUTEAU: They're loving it because Hawke's Bay—more water grow more fruit pay more taxes and they'll be happy for it. Gisborne—Hon David Bennett: Waikato.FLETCHER TABUTEAU: Yeah Waikato. I'll be in the Waikato soon Mr Bennett and do more than you ever did or have done in your time—ASSISTANT SPEAKER (Poto Williams): Order! Order! Do not bring the Speaker into the debate and—FLETCHER TABUTEAU: I think I've made my point. Thank you for your patience Madam Assistant Speaker.ASSISTANT SPEAKER (Poto Williams): Thank you. Shall we move on.FLETCHER TABUTEAU: This bill is a bill that I am happy to support because it is about building resilience in a modern economy. It is about growing this economy that is working for all New Zealanders and it is a bill that improves outcomes. As I said it is about fairness which is integral to a good tax system. New Zealand does pride itself on a long history of a fair and transparent tax system.I suppose that leads me to one of the first major changes or efforts here in this around the GST and low-value goods. So there was—and I'm proud to say—much consultation. The National Party in their time in Government did start us down this road and I acknowledge that. They brought in what was maybe unfairly coined the Netflix tax" but they were prepared and ready to go down phase two. And here we are—this Government agrees. When I was in Opposition at the time I did a lot of consultation with retailers in particular to ask them what they thought. I just brought up a quote from Retail New Zealand who were passionate advocates on behalf of their membership who said that this piece of legislation is "outstanding news" for the retail sector here in New Zealand.I just actually want to acknowledge some of the issues that this bill will ensure don't come about. I'm quoting former pro vice-chancellor Bob Buckle from Victoria University who said the number of items crossing our New Zealand border but slipping through that GST net threatened the sustainability of New Zealand's tax system.So here we are today after much consultation like I said when I was in Opposition—but again much consultation. Actually it's an appropriate time to acknowledge the members of the Finance and Expenditure Committee who have done more on this. Here we are making sure that there is a framework to collect GST on low-value imported goods. Why is that important? Because it creates a level playing field for New Zealand retailers. We're talking about 26000 small businesses out there employing about 62000 New Zealanders in the retail sector who up until this point have been at an unfair disadvantage from foreign firms who have been able to send goods into New Zealand because the de minimis at the border has meant that they haven't had to pay their GST contribution. Now that's a 15 percent head start and that is not fair to New Zealand retailers the people employed and the hard-working business owners who have made retail their life. So this is an incredibly important step forward for this Government but also for those people working incredibly long hours in their small businesses trying to make a living selling books for example—all these small items that Kiwis love buying online but we want them back in our shops as well. So this is a fantastic thing and I'm proud to be a part of it.The other conversation that the members opposite were having in their contributions was around the loss ring-fencing measures. Look to be fair I would have expected more from a former Minister of Revenue in terms of the contribution to the House because she spoke about mum and dad investors and their rental properties—using the income from that when they retire. Well by the time that they are in that position where they can enjoy the income from their rental properties this ring-fencing provision doesn't apply to them. This is very much about the initial stages of buying property and getting into that positive cash flow. So once you're in that position there's nothing to claim against—there's nothing to offset. Actually as was pointed out initially I was quite worried as a New Zealand First MP about what this would do to the rental market but actually I went to one of our biggest rental property owners in Rotorua and asked the question: "Look what's this going to do?" And he quite bluntly said "Look it doesn't affect me and I don't care one iota." because he has positive cash flow. He's making money off his rental properties and he will continue to do so as he adds to the stock.So this means the sky-is-falling contribution from the other side of the House is not the case at all. In fact there's more to it than that. Not only is the provision applied to a small number and over time they become cash-flow positive but actually they can ring-fence their losses and claim that in future—forward ring-fencing. So you can do this and you can continue to claim on those losses. You might not get the money straight away but it will be there and you will be able to offset it on the profits as you move forward.So this is a good piece of legislation. I'm pleased that the House will support it in majority and New Zealand First absolutely commends it to the House. Thank you Madam Assistant Speaker."