Monthly Archives August 2009
August 31, 2009 New Zealand Taxation
The Inland Revenue Department has upgraded their online systems, allowing for online tax summaries confirmation and quicker tax refunds.
The Inland Revenue Department (IRD) has completed an overhaul on their available online services, expanding the range of services provided and decreasing tax refund wait time.
The IRD has previously mandated that any tax refunds due that were valued at over NZ$200 would require confirmation over the phone. This task can now be completed online, along with assigning bank accounts for the refunds. According to the IRD, the 2008 business year saw over one million letters sent out for personal tax refunds. Their online innovation is aimed directly at reducing redundancy within this cycle.
Commenting on the change, Charles Ronaldson, Inland Revenue Group Manag...Read More
August 26, 2009 New Zealand Taxation
The idea of introducing a land tax has been proposed in New Zealand.
The Government commissioned Tax Working Group has raised another idea to aid the New Zealand Government’s coffers, a land tax. As it is envisioned and researched by the Tax Working Group at the moment, the land tax will be levied at 0.1% of the unimproved value of land without considering the worth of the buildings on it.
Average households will see a total tax liability of $214 annually, which will raise an additional $460 million for the New Zealand government. Estimates by the Dominion post have claimed that this is enough to lower the top marginal personal tax rate to 33%
According to Bill English, New Zealand Finance Minister, the idea of a land tax is “floating around as an issue”...Read More
August 24, 2009 New Zealand Taxation
Two years and ten month worth of jail time has been sentenced to a Tauranga man responsible for over NZ$5 million in tax fraud.
Ahmad Bakhtiar, a Tauranga based agricultural industry worker, admitted to 64 charges of tax evasion and 22 charges of using falsified documents, in the Tauranga District Court.
Ahmad Bakhitiar evaded $5,185,441 worth of income tax, GST and PAYE throughout the time for which he was investigated. He managed this by establishing new companies which, for a fee, could provide false documentation and invoices for work which was completed by a different company. Ahmad Bakhitiar has been found to have created 14 companies in this manner...Read More
New Zealand and Singapore have signed a Double Taxation Agreement (DTA) which is set to replace the earlier signed and currently standing DTA.
New Zealand and Singapore currently have a Double Taxation Agreement, it was signed in 1973 and has been present since its inception. As stated by Peter Dunne, New Zealand Revenue Minister, at the release of this signing “The agreement will modernize our tax treaty arrangements with Singapore and bring them into line with best international practice,” and “In particular, the new agreement will allow for full exchange of information on tax matters between our two countries.”
Singapore imports approximately NZ$1.9 billion worth of goods into New Zealand, imports NZ$700 million worth of New Zealand goods and has NZ$1...Read More