Monthly Archives March 2010

NZ Signs Two Tax Agreements

March 18, 2010 International FinanceNew Zealand Finance

the Tobago Cays in the GrenadinesNew Zealand has signed Tax Information Exchange Agreements (TIEA) with St Vincent and the Grenadines, and Dominica.

On March 17th Peter Dunne, New Zealand Revenue Minister, announced that New Zealand had signed two new TIEA agreements, bringing the national total to 15. The newly signed bilateral agreements are Organization for Economic Cooperation and Development (OECD) model documents which provide a internationally agreed upon standard for the exchange of tax data between participating nations in civil and criminal investigations. The new TIEAs will come into effect when each country in the agreement gives legal effect to the document, which in New Zealand occurs by Order of the Council.

TIEAs have become an important benchmark for nations as means of demonstrating commitment to interna...

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NZ Service Sector Improving

March 15, 2010 New Zealand Finance

Spaghetti JunctionNew Zealand’s service sector showed signs of expansion during the month of February, both in comparison to the same period in 2009 and January 2010.

According to the newest NZ Performance of Services Index (PSI) report released by BNZ-BusinessNZ, the New Zealand service sector has seen two periods of expansion in 2010, following overall contractions in 2009 and 2008. The BNZ report includes a compiled index which quantifies sector growth and sentiment, the February figure stood at 53.7. Scores of over 50 signify a pattern of growth, while anything below indicates falls. The PSI score for January was reported as 53.1, the average figures for 2009 and 2008 were 48.8 and 49.1 respectively. The last positive yearly average was in 2007, with 58.1.

Doug Steele, Bank of New Zealand Chief Econom...

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IRD Warns Of Hoax

March 12, 2010 New Zealand FinanceNew Zealand Taxation

Bah Humbug!The New Zealand Revenue Department (IRD) has issued a warning to customers regarding hoax emails they might receive with offers of tax refunds.

In a media statement released March 10th, the IRD revealed that it has received multiple customer-reports of a suspicious email being circulated to its clients. The email allegedly bears the IRD logo and informs recipients that they are entitled to a tax refund. It later directs readers to visit a website which requests an array personal details, including usernames and IRD numbers. Heather Daly, IRD’S Customer Operations Group Manager, has laid assurances that the department is already trying to track and shut down the website, which is believed to be US-based.

As a reminder to IRD customers, Heather Daly warned that the they will never be asked ...

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Tertiary Funding Faces Overhaul

March 10, 2010 New Zealand Finance

Lecture TimeThe New Zealand Government has announced that from 2012 the tertiary-education funding scheme will be changed to reflect the academic performance of institutions and not just their enrollment numbers.

In Government statement released March 10th, Steven Joyce, New Zealand Tertiary Education Minister, announced that the funding that tertiary institutions receive in 2012 will be based on their academic performance of 2010. Dr Roy Sharp, Chief Executive of the Tertiary Education Commission (TEC), confirmed that from July 2010 the academic information of each tertiary institution will be published and used to evaluate funding entitlement. Judging parameters will include student’s progression to higher levels of study; student retention rates; course completion; and, qualification completion.

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