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10 Jul 2020 8:14
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  •   Home > News > Business

    Nearly half a billion dollars in tax revenue could be generated, if cannabis is legalised

    Nearly half a billion dollars in tax revenue could be generated, if cannabis is legalised


    The referendum on whether to legalise cannabis for personal use will sit along aside the General Election on September 19.

    It's non-binding but both Labour and National have said they'll abide by the outcome.

    The New Zealand Institute of Economic Research found a new tax on the plant, on top of GST, could generate up to 490-million dollars a year -- but it will need to displace the illegal market entirely.

    Principal Economist Peter Wilson says a lot of that money will come from heavy users.

    He says in Colorado, those who smoke at least once a day contribute to around 70 per cent of cannabis sold in the regulated market.

    © 2020 Newstalk ZB, NZCity


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     09 Jul: NZ Aluminium Smelter chief executive Stu Hamilton says his focus is on the people of Tiwai
     09 Jul: Uncertainty over what will happen to power prices - after the nation's biggest energy user cemented plans to close
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     Top Stories

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     Today's News

    Soccer:
    Manchester United lead Aston Villa 1-nil approaching half-time in their English Premier League football match at Villa Park 8:07

    Business:
    Domestic travel has seen a spike with trips to Australia and the Pacific Islands called off during the school holidays 7:57

    Rugby:
    The prospect of the All Blacks playing the Kangaroos later this year is fading 7:47

    Rugby League:
    Matt Ikuvalu has become the first Sydney Rooster to score five tries in a match in 65 years 7:37

    Business:
    Question marks over future power prices in New Zealand, following the decision by Rio Tinto to close its Tiwai Point aluminium smelter 7:27

    Cricket:
    White Ferns cricket captain Sophie Devine insists her and vice-captain Amy Satterthwaite can lead the team to success 7:17

    Law and Order:
    The covid-spikes across the Tasman are continuing the waiting game for New Zealand and Australian rugby bodies over the Bledisloe Cup 7:17

    International:
    Earliest ever fossil teeth shed light on the evolution of modern pearly whites 7:07

    Entertainment:
    Josh Brolin is set to become a father for the fourth time 6:13

    Law and Order:
    The teen murderer who absconded from a South Auckland youth justice facility is due in the Manukau District Court today 5:27


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