Monthly Archives April 2012
April 16, 2012 New Zealand Taxation
The national tourism industry is standing up against proposals by local councils to charge a daily tax on tourists and to demand a fee for entry into national parks.
Over the weekend representatives of the tourism industry of New Zealand voiced their criticism of new proposals by the councils of Auckland and Queenstown to implement new taxes aimed at tourist visitors to the regions. Currently, both the Auckland District Council and the Queenstown Lakes District Council are conducting investigations into the feasibility of implementing a NZD 0.50 tax on tourists staying in the areas. The levy would be collected through the accommodation providers, and would be charged for every night that the person stays in either Christchurch or Auckland.
The chief executive of the Motel Association Mich...Read More
April 13, 2012 New Zealand Taxation
The government is looking at implementing greater controls on the use of foreign carbon credits by New Zealand businesses, and is also investigating the feasibility of delaying the implementation of ETS rules in the national agricultural sector.
On April 11th the Minister of Climate Change Tim Groser announced that the government has released a consultation document, outlining a series of proposed changes to the national Emissions Trading Scheme and calling for public comment on the alterations.
Amongst the changes detailed in the report, the government proposed placing restrictions on the use of carbon credits issued and paid for in foreign countries. The move would coincide with the government gaining extra powers to auction off greater numbers of New Zealand-based carbon credits units.Read More
April 12, 2012 New Zealand Taxation
The current tax treatment of dividend returns between Australia and New Zealand is “alien” to the goals of the two country’s Closer Economic Relationship Agreement and needs to be addressed as quickly as possible.
According to a recent statement made by the chief executive of Business NZ Phil O’Reilly, the governments of Australia and New Zealand need to act urgently to address the issue of double taxation on dividend returns between the two countries, in order to boost cross border business.
Phil O’Reilly explained that one of the key issues int he bilateral relations between Australia and New Zealand that currently needs to be discussed is modernizing the regulations imputation and franking credits, which are still not mutually recognized by the tax authorities in both countries...Read More
April 4, 2012 New Zealand Taxation
New data published by the IRD allows New Zealand companies to compare their financial data and performance against other New Zealand businesses.
The New Zealand Inland Revenue Department recently published the latest benchmarks for the financial ratios of business operating in New Zealand. According to a spokesperson for the IRD, the benchmarks have been used in the past by the IRD to help determine which companies may not be recording all of their transactions or which companies may be intentionally trying to misrepresent their financial activity.
The spokesperson explained that the this is the first time the IRD has published the benchmarks openly to the public, saying that the move was an effort to bring extra transparency to the tax system.
According to the IRD, the latest benchmarks...Read More