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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]
The list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance tax. Personal income tax includes all applicable taxes, including all unvested social security contributions.
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 ]
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] It normally makes up around 30% of tax revenue in New Zealand. [76] The rate for GST, effective since 1 October 2010 is 15%. [77]
Global map of countries by tariff rate, applied, weighted mean, all products (%), 2021, according to World Bank. This is a list of countries by tariff rate. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1. Import duty refers to taxes levied on imported goods, capital and ...
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]
The Goods and Services Tax is a value-added tax of 15% on most goods and services sold in New Zealand. It was introduced by the Fourth Labour Government on 1 October 1986 at a rate of 10%. This was increased to 12.5% on 1 July 1989 and 15% on 1 October 2010.
As part of the 2010 Budget, the National Government amended the Income Tax Act 2007 to increase the amounts of family tax credit by an anticipated movement in Consumer Price Index of 2%; the expected result of the increase in GST rate from 12.5% to 15%. The increases apply from 1 October 2010.