The Property Council is of the opinion that the Government's shift to scrap reduction on planned commercial property is totally misaligned with the rest of the OECD and might make it even difficult to draw the interest of offshore investment.

New Zealand will turn out to be one of only a handful of OECD nations that is without the skill to write-down the worth of buildings in the subsequent year, which commercial property holders says will cut directly to the riches of their region.

Council National President, Chris Gudgeon said that the rest of the world offers for it and that the nation is now at an outlier that definitely is a bit of oddity and it makes it much tougher for the nation to attract offshore capital.

A New Zealand Institute of Economic Research report that was specially made by the Property Council previously this year depicts that Slovakia and the UK are the mere other nations where reduction tax breaks cannot be claimed, whilst in the Netherlands, just restricted rates can be claimed.

At present, property investors in New Zealand can maintain their yearly depreciation of between 2 and 3 per cent of the buying price of their structure.