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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]
Most products or services sold in New Zealand incur GST at a rate of 15%. The main exceptions are financial services (e.g. banking and life insurance) and the export of goods and services overseas. All businesses are required to register for GST once their turnover exceeds (or is likely to exceed) $60,000 per annum. [38]
Since the 1990s, New Zealand has pursued free trade agreements as part of international trade policy with a goal (as of 2024) of 90% of exports covered by FTAs by 2030. [ 5 ] [ 6 ] New Zealand signed bilateral free trade agreements throughout the Asia-Pacific region through the 2000s including with significant trading partners China and the ...
However, whilst the lease agreement clearly stated that the rentals were GST exclusive, the purchase price of $720,000 was silent regarding whether it was exclusive or inclusive of GST. This was unfortunate for the Dennings, as under NZ tax law, it was deemed that it was GST inclusive, although they successfully obtained relief in the High Court.
Restores New Zealand citizenship to people born in Western Samoa between 1924 and 1949. [11] Racing Industry (Unlawful Destruction of Specified Greyhounds) Amendment Act 2024 2024/109-1: 10 December 2024 Urgent legislation banning greyhound dogs from being killed while the Government takes action to phase out greyhound racing in New Zealand by ...
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]
Please help update this article to reflect recent events or newly available information. ( December 2024 ) The Niue Consumption Tax (NCT) is a value-added tax or consumption tax for goods and services consumed in Niue .