Adams Amy: Taxation (International Taxation Life Insurance and Remedial Matters) Bill — In Committee Third Reading 
Adams Amy: Taxation (International Taxation Life Insurance and Remedial Matters) Bill — In Committee Third Reading 
[Volume:657;Page:6657] 
AMY ADAMS (National—Selwyn) 
: 
 It is quite satisfying to take a call in the third reading of the Taxation (International Taxation Life Insurance and Remedial Matters) Bill if for no other reason than that it is good to know we are getting towards the end of it. It has been a big piece of work as previous speakers have mentioned and it is obviously very much needed in our system which I acknowledge is reflected by the fact that it was commenced under the previous Labour Government and is being completed by the National Government. 
Listening to the previous speaker Stuart Nash highlighted somewhat for me one of the major differences between the Labour Opposition and this National Government. Labour talks a big game when it comes to jobs the economy and small to medium sized enterprises. According to Labour members they understand that side of New Zealand and support it. But the reality is they do not. They can talk about it but New Zealand knows there is no substance. 
Stuart Nash 
: Why are you supporting this piece of legislation? 
AMY ADAMS 
: I say to Mr Nash that that is why he is sitting on that side of the House. Labour members might talk about business but when the rubber hit the road it was the Labour Government that sent the productive sector of this economy into 5 years’ worth of recession. I say to Mr Nash that it was 5 years of recession because his Government could not put conditions in place that allowed businesses to grow that supported enterprise that supported Kiwis who want to get ahead and that created jobs. This National Government understands that if we are to lift the living standards of all New Zealanders and if we are to have New Zealanders employed we need to get behind business and build a tax system that encourages our businesses to build and grow in New Zealand. That is why the National Government does not waste its legislative time on the Electoral Finance Act and other related rubbish that even Labour members are now apologising for at every opportunity. They hope that if they apologise for long enough New Zealand will forgive them for the hash the Labour Government made of the economy. 
This Government does not waste its time on those things; this Government is prioritising doing the things that need to be done to build a productive economy that will create jobs and that will ensure every New Zealander has a chance to get ahead. This bill is a part of that. We are looking at our tax system looking at situations where businesses are not being taxed fairly or appropriately and looking at situations where our businesses need some taxation help to encourage them to stay on New Zealand shores. 
There are two parts to this help and they are about both supporting our productive economy and the New Zealanders who build growth and ensuring that our taxpayers—the hard-working mums and dads of this country who work damn hard to provide a living for their families and who work damn hard to pay money to the Government for it to spend—are supported. We are making sure that life insurance companies will no longer have an unfair tax advantage. That advantage is not fair to people who work hard every day of their lives to pay their taxes. We have reformed the life insurance rules to ensure that life insurance companies are taxed appropriately and that term insurances are taxed in the same way as every other piece of corporate profit. We are ensuring that international taxation encourages growth and investment in New Zealand because that is what we need if we are to turn this country round from the mess we inherited from the previous Labour Government. 
We will set up systems for payroll giving. We are addressing a number of tax remedial issues that need to be sorted out. This stuff is not sexy but it is important to build the economy that this country needs to get out of this global recession—the worst recession we have seen in 50 years. This sort of legislative programme will make New Zealand the country it deserves to be. It is a good bill and I commend it to the House.