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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]
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]
Regal and vice-regal Government Other party leaders in parliament Judiciary Main centre leaders Regal and vice-regal Head of state – Charles III Governor-General – Cindy Kiro Charles III Cindy Kiro Government Legislature term: 54th New Zealand Parliament. The Sixth National Government, elected in 2023, continues. Speaker of the House – Gerry Brownlee Prime Minister – Christopher Luxon ...
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]
In FY 2014, New Zealand's investment income from the rest of the world was NZ$7 billion, versus outgoings of NZ$16.3 billion, a deficit of NZ$9.3 billion. [108] The proportion of the current-account deficit that is attributable to the investment income imbalance (a net outflow to the Australian-owned banking sector) grew from one third in 1997 ...
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.
Health NZ Te Whatu Ora is set to receive $16.68b in new funding over three Budgets: $3.44b over four years for Health New Zealand hospital and specialist services. [6] $2.12b over four years for primary, community and public health. [6] $1.77b over four years to maintain Pharmac funding. [6]
The New Zealand Government reimburses 95 Lake Alice Hospital survivors, who had part of their compensation payments deducted by legal fees in 2001. [358] 31 October — New Zealand signs a free trade agreement with the six-member Gulf Cooperation Council (GCC). As part of the agreement, 99% of New Zealand exports to the GCC would become duty ...