Monthly Archives September 2008
September 30, 2008 New Zealand Taxation
From the 1st of October, individual tax level faced by New Zealanders will be lowered.
This is the first of the three tax cuts put forward by Finance Minister Michael Cullen. The effect of this will be most felt with those in the $38,001 – 40,000 taxable income bracket, with a drop from a tax rate of 33% to 21%. Earners in the $14,001 – 38,000 bracket will see no change, while $9,501 – 14,000 will see a drop of 8.5% to a level of 12.5%. Lastly, earners between $0 and 9,500 will see a drop of drop to 12.5% from its previous 15%. There are no changes at levels above $40,000 annual taxable income.
This tax change is accompanied by a raise in superannuation pay and favorable changes to the Working For Families tax credit...Read More
September 29, 2008 International Finance
The 21st to the 23rd of September saw the Asia Offshore Association conference come to Hong Kong.
The Conference consisted of 100 delegates from over different 20 countries, Abaconda Management Group was present with two delegates. The keynote speaker for the event was David O’Rear, Chief Economist of Hong Kong General Chamber of Commerce. Other international speakers came from Austria, Hong Kong, Italy, Austria, Seychelles and USA.
Topics at the Asia Offshore Association Conference included banking and investments in globalized economy especially in Asia-Pacific region, the Asian economy in global context and offshore business activities.
There was also a strong focus on differentiating the genuine activities of offshore investing with the less savory forms of tax evasion that take place...Read More
September 25, 2008 New Zealand Finance
Latest figures have officially confirmed the recession in New Zealand.
Figures released on the 26th of September show a GDP shrink of 0.2 percent for the June quarter of 2008. Combined with the March quarter drop of 0.3 percent, the technical definition for an economy in recession, two consecutive quarters of economic falls, has been met.
The cause of the second quarter of contractions has been pinned to tightened credit conditions, lowered domestic spending and a draught affected agricultural industry. It has been forecast by analysts that these conditions will continue for at least the following September quarter. A recent report by the New Zealand Institute of Economic Research forecasts the September fall to be 0.1 percent. Similar reports from the Reserve Bank predict a drop of 0...Read More
September 23, 2008 New Zealand Taxation
The New Zealand Stock Exchange (NZX) have issued a statement saying that they will not be following the Australian Stock Exchange(ASX) in banning short selling of stock.
The Australian Securities and Investments Commission (ASIC) banned all forms of short selling on the 19th of September, widening the previous ban on “naked” short selling to include “covered” short selling also. While this action was a response to the turmoil caused on the ASX by naked short selling, the NZX does not see enough short selling activity to warrant such a ban at this point.
Geoff Brown, the NZX markets development manager, was quoted as saying that New Zealand firms are already required to disclose any short sales and that in the eyes of the NZX, short selling was a legitimate activity...Read More