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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] It normally makes up around 30% of tax revenue in New Zealand. [2] The rate for GST, effective since 1 October 2010 is 15%. [3]
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]
The approach of Inland Revenue has been implicated in a number of suicides and other acts of self-harm. [10] [11] [12] The number of people threatening self-harm in phone calls to Inland Revenue has trended down consistently over the last three years. Between January and August 2019, 168 people contacted Inland Revenue threatening self-harm.
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]
From 1 January 2020, the valid VAT number of the customer is a material requirement to be able to apply the zero VAT rate for intra-Community supplies of goods in the EU. If the customer’s VAT number is not valid, 0% VAT rate cannot be applied. Companies must make sure that the VAT numbers of their customers are checked. [4]
The previous government business site, biz.org.nz, was launched in 2003. Business.govt.nz replaced it on 15 August 2007. The site was originally developed by New Zealand Trade and Enterprise in consultation with a range of government departments and ministries, business groups and business service providers. [citation needed]
Customs is the oldest government department in New Zealand. [3] Formed on 5 January 1840, it pre-dates the signing of the Treaty of Waitangi by one month. [4] Its early establishment was necessary to collect revenue for the fledgling government, and over the years duties, tariffs and taxes collected by Customs have remained a major source of revenue for the country, although customs has also ...
The Commerce Commission (Māori: Te Komihana Tauhokohoko) (sometimes shortened to ComCom [2]) is a New Zealand government agency with responsibility for enforcing legislation that relates to competition in the country's markets, fair trading and consumer credit contracts, and regulatory responsibility for areas such as electricity and gas, telecommunications, dairy products and airports.