Monthly Archives September 2012

NZ Should Not Focus on Oil

September 19, 2012 New Zealand Taxation

Your Friend the Offshore Oil RigThe Green Party is voicing its opposition to the oil industry in New Zealand, saying that the government does not take enough taxes from to justify the environmental risks associated with gas extraction.

One day prior to the New Zealand Petroleum Summit 2012 on September 19th the Green Party of New Zealand published a new press release to decry the government’s strategy of facilitating large-scale oil and gas extraction operations in New Zealand.

The Green Party explained its opposition to oil and gas extraction, saying that “…we [New Zealand] receive hardly any royalties, hardly any taxes, and hardly any jobs for the considerable environmental risk posed by oil and gas exploration promoted by the National Government.”

In the newly published press release the Green Party also objected to t...

Read More

Welfare Reform Bill Introduced

September 18, 2012 New Zealand Finance

Paula BennettThe government is continuing with its controversial plant to reform welfare rules, and has introduced a new bill to overhaul the benefit system.

On September 17 the Minister of Social Development Paula Bennett introduced Social Security (Benefit Categories and Work Focus) Amendment Bill to implement several changes to the country welfare system and benefit payout programs.

If accepted, the new bill will replace the current seven benefit categories with three new categories.

The new categories will be “Jobseeker Support” for individuals actively looking for work, “Sole Parent Support” for parents of children under the age of 14, and “Supported Living Payment” for individuals who cannot work die to injury or illness.

The new Bill will also introduce  the requirement for all jobseekers to be ...

Read More

R&D Firms Receive Little Funding in NZ

September 17, 2012 New Zealand Taxation

Army scientists energize battery research
The New Zealand government’s plans to provide funding to research and development firms has fallen below exepectation and has not provided enough capital to small and medium sized firms.

On September 16th the Labour Party of New Zealand issued a new press release, criticizing the government for not doing enough to support high-tech industry in the country, and saying that the Technology Voucher System has not worked as was originally promised by the National Party.

According to Megan Woods, the Science Spokesperson for the Labour Party, in 2010 the National Party announced that it would set up the Technology Voucher System to provide NZD 20 million in funding over the following four years to encourage the development of small and medium sized enterprises engaged in high-tech research and d...

Read More

New Tax Bill Introduced

September 14, 2012 New Zealand Taxation

A new bill has been introduced, proposed several tax changes aimed at ensuring that the New Zealand tax system remains fair and competitive.

On September 13th a new bill was introduced to Parliament today, proposing revisions to the taxation of livestock, the taxation of mix-use assets, and also suggesting that non-resident businesses should be able to register for GST in New Zealand.

The bill, the Taxation (Livestock Valuation, Assets Expenditure and Remedial Matters) Bill, contains provisions to amend the rules for the valuation of livestock.

Explaining the proposed change, the Revenue Minister Peter Dunne said “…the situation had previously been too loose, allowing some farmers to switch between the two main livestock valuation methods to receive an unfair tax advantage over those farm...

Read More