Monthly Archives September 2010
September 17, 2010 New Zealand Taxation
Tax payers affected by the recent earthquake in the South Island are set to receive some relief in regards to their tax matters, with the Inland Revenue Department offering concessions on late payments.
While the Christchurch office of the Inland Revenue Department (IRD) is already operational, the Government has conceded that those struck by the earthquake in Christchurch have more important concerns than their current tax matters. Consequently, on September 14th Peter Dunne, Revenue Minister of New Zealand, announced that the “use of money” interest that is levied on late tax payments could be waived for people affected by the emergency.
According to Peter Dunne, the exemption is the IRD’s way of recognizing that some tax payers are facing circumstances that are completely beyond the...Read More
September 7, 2010 New Zealand Taxation
An international tax expert has warned that New Zealand’s Goods and Service Tax rate could keep rising in the future, to as much as 20 percent.
On a visit to New Zealand last week Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants, said that it is possible that the New Zealand Government could once again raise the Goods and Service Tax (GST) within the foreseeable future.
Chas Roy-Chowdhury pointed to the UK and other European nation, saying that there has been a recent precedent of steadily increasing the levied rate of consumption taxes. Citing the UK specifically, Chas Roy-Chowdhury said that the Value-Added Tax rose to 20 percent earlier this year, and added that: “…it seems like a similar trend is happening in New Zealand...Read More
September 3, 2010 New Zealand Finance
A new consultation process has been launched to determine changes that are required to make New Zealand’s child support more fair and equitable.
The New Zealand Inland Revenue Department (IRD) has announced that it has launched a new initiative to determine the ideal national structure of the child support system, including the formulas used to determine payments, penalties and debt rules. The proposed changes are outlined in a Government paper Support Children, released on September 2nd.
Announcing the need for a change in the child support system, Peter Dunne, Revenue Minister of New Zealand, said “The reality is that family life in New Zealand has changed considerably in the 18 years since the current scheme was introduced...Read More