Monthly Archives December 2010
December 10, 2010 New Zealand Finance
The New Zealand Official Cash Rate has remained unchanged after its latest review, primarily due to weakened short-term projections for the country’s economic prospects.
On December 9th the Reserve Bank of New Zealand announced that the country’s Official Cash Rate (OCR) will remain unchanged at 3.0 percent. The OCR has remained at 3 percent since July 29th 2010.
At the OCR announcement Reserve Bank Governor Alan Bollard stated that the interest rate is expected to rise slower than previously projected over the next two years. This decision has been attributed to a slowdown in economic growth, and a weakening in several market indicators...Read More
December 8, 2010 New Zealand Taxation
The Inland Revenue Department has opened up a significant amount of data to the public, providing live statistics regarding taxpayers, tax revenues and national compliance.
On December 8th the Inland Revenue Department (IRD) launched a new website displaying live statistics and information regarding the country’s tax collections and associated information. The information’s publication is an attempt by the IRD to improve transparency and provide data for external users, like researchers, and other government departments.
The data available on the new website is for statistical purposes only and subsequently does not feature any information that could be identifiable to a particular individual...Read More
December 6, 2010 New Zealand Taxation
The Treasury has announced that tax revenues in the last four months were once again below expectations, primarily due to underwhelming GST and corporate income tax collections.
On December 6th the New Zealand Treasury released the latest Financial Statements of the Government of New Zealand, detailing the country’s fiscal position for the four month ending October 31st. According to the documents, tax revenues for the last four months were 6.3 percent below forecasts, equating to a monetary shortfall of NZD 1.1 billion.
In a statement accompanying the release, Deputy Secretary to the Treasury Colin Lynch attributed the below-expectations results to shortcomings in GST and corporate income tax revenues. He stated that GST revenues fell by NZD 190 million, equivalent to 4...Read More
The New Zealand Government has issued nearly half a billion dollars in tax breaks and subsidies to attract foreign cinematic and television production firms to film in New Zealand.
Foreign film productions have received nearly NZD 500 billion over the last decade in the form of tax breaks, rebates and subsidies while filming in New Zealand. According to recently surfaced figures, NZD 220 million has been made available to production companies through tax breaks, and at least another NZD 200 million has been granted as rebates for production expenditures.
The production tax breaks were granted through the Government’s Large Budget Screen Production Grant (LBSPG), which allows certain tax breaks for productions with local spending exceeding NZD 15 million...Read More