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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]
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]
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.
Map of New Zealand. The economic history of New Zealand dates to before European colonisation of the country. By the 20th century, it had become one of the most globalized economies in the world, relying heavily on international trade with developed countries including Australia, Canada, China, European Union, the United States, Japan, and South Korea.
Between 1985 and 1992, New Zealand's economy grew by 4.7% during the same period in which the average OECD nation grew by 28.2%. [51] [failed verification] From 1984 to 1993 inflation averaged 9% per year and New Zealand's credit rating dropped twice. [52] Between 1986 and 1992, the unemployment rate rose from 3.6% to 11%. [53]
New Zealand troops in First and Second Battles of El Alamein. Food rationing introduced. Mobilisation of women for essential work. 12 June: First 5 ships of American troops from the 37th US Army Division land in Auckland. 14 June: First American Marines from the 1st Corps Division land in Wellington. 1943. New Zealand troops take part in ...