New Zealand and China Ease Customs Procedures

Exporters in China and New Zealand will see eased customs requirements in the near future. New Zealand will be the first country to have a Joint Electronic Verification (JEV) with China for imports and exports, according to information in a press release issued by Customs Minister Nicky Wagner on April 19th. The JEV will be […]
 

CPI Edges Up 0.2% in March Quarter

Increasing taxes on cigarettes have pushed New Zealand’s CPI upward, despite falls in price of travel and recreation. On April 18th Statistics New Zealand released the latest data on the Consumer Price Index in New Zealand, showing a rise of 0.2 percent over the March 2016 quarter. The increase to the CPI was caused mainly […]
 

Tax Reform Package Announced in New Zealand

Small businesses in New Zealand will soon enjoy easier tax procedures and lowered tax bills. The Prime Minister of New Zealand John Key has announced a package of tax changes aimed at helping reduce the burdens faced by small and medium sized businesses. One of the key changes announced is the introduction of new “pay-as-you-go” […]
 

Bracket Creep is a $2.1 Billion Problem in New Zealand

Outdated tax brackets and creeping inflation are leeching away billions each year from taxpayers in New Zealand. On April 12th the ACT Party issued a statement claiming that between 2010 and 2017 New Zealand taxpayers would have lost as much as NZD 2.1 billion due to “bracket creep”. Bracket creep is a situation whereby growth […]
 

Tourist Bookings Surge in NZ Over February

Good weather and extra days off have helped continue a two year streak of increased booking for accommodation by tourists in New Zealand. Consistently warm weather and this year’s leap day has helped boost the number bookings for accommodation by tourists, according to new information released on April 12th by Statistics New Zealand. The new […]
 

New Zealand Drug Trade Worth NZD 245.4 Mln in Taxes

The drug trade in New Zealand could net NZD 245.4 million in taxes per year, if it was taxed like any other business. Last week the Ministry of Health issued its annual Drug Harm Index, claiming that the nation’s illicit drug trade reduces the tax base by approximately NZD 245.4 million. It was estimated by […]
 

Government Sees $398 Million Surplus

The New Zealand government has seen an unexpected surplus due to a rise in tax collections. Over the eight months ending February 29th the government saw a surplus of NZD 398 million, according to data in the new Financial Statements of the Government of New Zealand released on April 8th by the Treasury. The total […]
 

IRD Details New R&D Cash-Out Rules

Small research firms in New Zealand will soon receive cash payments from the government when incurring losses. On March 5th the Inland Revenue Department released a report detailing early information regarding the upcoming rules for “cashing out” losses incurred during research and development activities. In the report it is stated that when the rules are […]
 

NZ Needs 20% tax on Sugary Drinks Say Experts

Health experts in New Zealand are calling on the government to take a hard stance on sugary drinks and implment a new 20 percent sales tax on such beverages. Over the weekend a joint letter was presented to the Cabinet Ministers of New Zealand with a call to instate a tax of 20 percent on […]
 

Benefit and Superannuation Payments Set to Rise

With the start of the new financial year the New Zealand government is implementing the first non-inflation increase to welfare payments in over four decades. On April 1st several new regulations will come into effect, raising the incomes of low-earning families, beneficiaries, and retirees. Beneficiaries with dependent children are set to see their weekly payout […]