Monthly Archives September 2009

Fuel Excise Duty Raised

September 30, 2009 New Zealand Taxation

The 1st of October will see an increase in the prices paid by New Zealanders for petrol.

Fuel Excise Duty (FED) and Road User Charges (RUC) charged across New Zealand are to be increased on October 1st. Prices of petrol at the pump will be 3 cents higher and RUC will increase 10% for small diesel cars and vehicles weighing up to ten tonnes, while heavy trucks will only see 3%-6% added to their charges.

According to statements by Steven Joyce, New Zealand Transport Minister, the three cent FED rise is comprised of a 1.5 cent annual increase as scheduled by the previous government and another 1.5 cents aimed at subsidizing the now removed regional fuel tax...

Read More

Government Seeks Feedback on Bond Tax

September 28, 2009 New Zealand FinanceNew Zealand Taxation

Peter Dunne has announced the publication of a paper seeking feedback on taxation of New Zealand’s bond market.

In an effort to foster the growth of New Zealand’s domestic bond market, Peter Dunne, New Zealand Revenue Minister, has announced the publication of “AIL, NRWT and the bond market”. Primarily, the paper is concerned with the idea of lowering the Approved Issuer Levy on bonds to 0% when pre-determined circumstances are met.

It is suggested by the paper that dispensing with AIL, which according to the publication also can serve as a proxy for Non-Resident Withholding Tax (NWRT), could create a marginal advantage for the domestic bond market by easing the financial burden of issuing to non-residents...

Read More

No Future Tax Decisions Yet Made by Government

September 25, 2009 New Zealand Taxation

No decision have yet been made by the government in regards to New Zealand’s future taxation mix or Taxation Working Group proposed ideas.

According to Peter Dunne, New Zealand Revenue Minister, the government is yet to make any decisions regarding the levels of taxation for New Zealand in the near future. He wished to emphasize that the government is yet to discuss any papers released by the Taxation Working Group, or subsequently make a decision on their recommendations.

At the EMA Tax Summit, held on the 25th of September, Peter Dunne stated “Those who assume that every utterance or paper released by the Tax Working Group is really a coded effort by the Government to indicate its policy intentions have simply read one conspiracy novel too many.”

Peter Dunne wished to emphasize tha...

Read More

Student Loan Changes Approved

September 23, 2009 New Zealand Taxation

Numerous changes to the Student Loans system have been approved by the Government.

On the 18th of September it was announced by Peter Dunne, New Zealand Revenue Minister, that governmental allowances had been given to proposed changes to the student loan system. The changes were a product of consultation held in June. In a statement , Peter Dunne said “As a result of hearing a wide range of views, the government has modified one of the main proposals that were presented for consultation a couple of months ago.”

Several changes to the Student Loan scheme were initially proposed by the government, although these were amended after consultation. The most important of these changes includes the dropping of plans to charge student loan repayments if over $367 is earned per week as holiday pay...

Read More