Paying Taxes in NZ is a Breeze
November 23, 2012 New Zealand Taxation
On November 22nd the World bank released its annual Paying Taxes report on the tax compliance procedures faced by businesses in 186 countries around the world.
According to the World Bank New Zealand is now ranked eighth in the world for the ease of paying taxes, with businesses only having to make 8 tax payments per year, and the average business spending 152 hours per year to comply with their obligations.
The World Bank regarded New Zealand as having a tax system which has proven itself to be resilient throughout economic downturns in the country.
However, the New Zealand tax system was criticized for not differentiating between the tax filing obligations of large and small businesses, with small enterprises fulfilling the same tax requirements as expansive multinational operations.
Photo by Philip Taylor PT