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These are collected by a range of government agencies such as the New Zealand Customs Service. There is no social security (payroll) tax. New Zealand went through a major program of tax reform in the 1980s. The top marginal rate of income tax was reduced from 66% to 33% (changed to 39% in April 2000, 38% in April 2009, 33% on 1 October 2010 and ...
In India, there is a provision of refund of excess tax along with interest. For claiming a refund one has to file the income tax return within a specified period. However, under Sections 237 and 119(2)(b) of the Income Tax Act, the Chief Commissioner or Commissioner of Income Tax are empowered to condone a delay in the claim of a refund. [15]
In 1995, a Rewrite Advisory Panel was established to consider and advise on issues arising during the rewriting of the income tax legislation, as part of New Zealand tax reform arising from the Working Party on the Reorganisation of the Income Tax Act 1976. The panel was disestablished in 2014 at the completion of the tax reform. [4]
Due to a change in income tax rates from 1 October 2010 (mid tax year), the FBT rates for 2011 are blended for the year. Single rate option – 61% for Q1-Q2, 49.25% for Q3-Q4 [ 3 ] Alternate rate option – 49% or 61% for Q1-Q2, 43% or 49% for Q3, Alternate rate calculation in Q4 [ 3 ]
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 ]
a resident of New Zealand at the time they apply; They must also have lived in New Zealand for at least 10 years since they turned 20 with five of those years being since they turned 50. Time spent overseas in certain countries and for certain reasons may be counted for New Zealand Superannuation. [19]
The Goods and Services Tax Act is an Act of Parliament passed in New Zealand in 1985. 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.
In contrast to a New Zealand permanent resident, a New Zealand citizen. is entitled to hold and travel on a New Zealand passport; must never be deported from New Zealand; can stand for public office; does not need a visa for their return to New Zealand; is entitled to New Zealand consular protection; may represent New Zealand at international ...