Peter Dunne, the revenue minister has confirmed reports that said that the government is going to remove gift tax forever. Gift taxes were one of the oldest forms of taxes in the country. As per the existing laws, all gifts which bore a value of up to $27,000 were exempted but anything that was above that was taxed by the government.

However, gift statements for all gifts which are valued above $12,000 are to be shown in the calculation. The government from the start of this year had started reviewing the gift duty threshold, revealed Dunne. And after studying they soon found that the whole rationale behind these taxes was baseless. It was found that a gift duty is directly administered on each year's income and was taken as $435,000. Becau Email truncated to 2,000 characters Best Deepakse of this, a total of $1.5 million was generated last year.

But, the logic that has been given is that gift tax lays way for avoidance of other taxes and that is why it was best to get it scrapped. Abolishing the tax has been going on for the past two elections and after a lot of discussions and thinking they were finally able to get away with it.