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Goods and Services Tax (GST; Māori: Tāke hokohoko) is a value-added tax or consumption tax for goods and services consumed in New Zealand.. GST in New Zealand is designed to be a broad-based system with few exemptions, such as for rents collected on residential rental properties, donations, precious metals and financial services. [1]
The Act established a consumption tax in New Zealand, originally set at 10%, but subsequently raised to 15%. GST is a tax of 15% on all goods, services and other items sold or consumed in New Zealand. Individuals become liable to pay GST when their annual turnover exceeds NZ$60,000 in any 12-month period. [1]
Goods and services tax (GST) is an indirect tax introduced in New Zealand in 1986. This represented a major change in New Zealand taxation policy as until this point almost all revenue had been raised via direct taxes. GST makes up 24% of the New Zealand Government's core revenue as of 2013. [37]
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
25 April – David Lange suggests New Zealand should withdraw from the ANZUS council. 29 April – The Taranaki Herald publishes its last issue. The newspaper had published since 1852, and was New Zealand's oldest newspaper from 1935. [10] 1 May – Jim Anderton forms the NewLabour Party. 1 July – GST is increased from 10% to 12.5%. [11]
Goods and Services Tax (GST; Māori: Tāke hokohoko) is a value-added tax or consumption tax for goods and services consumed in New Zealand. GST in New Zealand is designed to be a broad-based system with few exemptions, such as for rents collected on residential rental properties, donations, precious metals and financial services. [75]
22 November – Pope John Paul II visits New Zealand for two days. [11] December – The Royal Commission on the Electoral System produces a report recommending the adoption of a mixed member proportional electoral system. [12] 13 December – The Constitution Act is passed, ending the right of the British Parliament to pass laws on behalf of ...
5 October: Breakfast broadcaster Paul Henry is suspended by TVNZ after questioning if New Zealand's ethnic minority Governor-General Anand Satyanand, is a proper New Zealander. [16] On 7 October Henry is embroiled in further controversy as his mockery of Delhi Chief Minister Sheila Dikshit is declared "racist" and "unacceptable" and New Zealand ...