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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]
In December 2010, new legislation was introduced which approved a new type of companies—or rather, a new kind of taxation structure for companies in the vein of the old LAQCs. These were to be called look-through companies. The draft law was published yet on 15 October 2010, [3] and successfully passed one and a half months later. The ...
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 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.
The Tax Working Group was established on 20 December 2017 with the stated goal of "examine further improvements in the structure, fairness and balance of the tax system." The Working Group will report to the New Zealand Government on the following matters: Whether the tax system operates fairly in relation to taxpayers, income, assets and wealth.
In 2021-22, Inland Revenue collected $100.6 billion in tax revenue, [6] which helped pay for the services that all New Zealanders benefit from such as social security and welfare, health and education. Other services included law and order, housing and community development, environmental protection, defence, transport, and heritage, culture ...
Tax pooling allows New Zealand taxpayers to pool their provisional tax payments together in an account held by a registered tax pooling intermediary at Inland Revenue (IRD) so that underpayments by some can be offset by overpayments of others. Taxpayers receive/pay an interest rate that is higher/lower than IRD's rates if they overpay/underpay ...
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]