New Zealand businesses claim that they are happy with the current tax system in New Zealand, with more than half claiming that they do not need any extra guidance from tax authorities. In a press release issued on May 23rd the accounting firm Grant Thornton revealed the results of a recent survey which showed that [...]
Petrol in New Zealand will soon be even more expensive following the passage of a new bill through parliament. On May 19th parliament passed under urgency new legislation to hike petrol taxes by an extra 3 cents per litre each year over the next three years. Following the implementation of the raised tax, petrol taxes [...]
The IRD will soon have its hands on a fresh set of data concerning taxpayers who have actively sight to evade their taxes using companies registered offshore. Over the weekend the Inland Revenue Department praised a decision made by the Australian Tax Office (ATO), the UK HM Revenue and Customs (HMRC), and the US Internal [...]
Labour is looking to provide low income households with low cost capital in situation which would normally require families turning to costly commercial lenders. More New Zealand families could be financially independent if a new system of no-interest loans was enacted in New Zealand, according to the Labour Party, in a press release issued on [...]
The IRD is looking at potential changes which could be made to the tax treatment of residential body corporates. On May 8th the IRD released a new issues paper calling for public opinion on the treatment of GST for bodies corporate. According to the IRD, a body corporate “makes supplies of services to owners of [...]
Higher than expected tax collections have put the country’s tax revenues above target. On May 6th the Treasury of New Zealand released the Financial Statements of the Government of New Zealand for March 2013 and the Tax Outrun Data for March 2013, showing the taxes collected over the last nine months. According to the Statements, [...]
The Green Party is continuing to stand staunchly in support of its proposed NZ Power scheme, which promises to lower electricity prices for all New Zealanders. The Green party has refused to withdraw its proposed NZ Power plan, claiming that the idea would effectively benefit New Zealanders by “…a stealth tax on the economy, leading [...]
The Inland Revenue Department’s computer systems need an urgent upgrade, and the job could set taxpayers back by nearly NZD 1.5 billion. On My 5th the Cabinet approved in principle a new project to redevelop and improve the IT system of the Inland Revenue Department. According to the Minister, the project to upgrade the ageing [...]
Over the last two years the IRD has recovered more than NZD 200 million of taxes which were previously unpaid by tax evaders. In a press release issued in April 18th the Revenue Minister Peter Dunne has hit back against some recent criticism from members of the Labour Party, which claimed that the National Party [...]
New Zealand could see significant economic benefits if the government opted to cut personal income taxes. On March 20th the Treasury of New Zealand released the report of the Taxation of Savings and Investment Review, which investigated the potential repercussions of various changes to the tax system, finding that New Zealand would benefit the most [...]
