Yearly Archives 2012

Paying Taxes in NZ is a Breeze

November 23, 2012 New Zealand Taxation

Filing TaxesOn 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.

Pho...

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New Zealand Needs More Investments

November 20, 2012 New Zealand FinanceNew Zealand Taxation

Property marketTax changes are needed in order to encourage more investments and savings in New Zealand.

Last week at a speech given during the Trans-Tasman Business Circle in Auckland the chief executive of BNZ Bank Andrew Thorburn said that the taxation of property needs to be changed to further promote investment into businesses.

He said that there are insufficient options for individuals looking to invest into assets other than property.

Listing off possible alternatives, Andrew Thorburn suggested that further development is needed into encouraging people to invest in publicly listed companies, venture capital and capital markets.

Describing the current investment market in New Zealand, he said that “…the tax system currently favours investment in residential property, as opposed to bank deposits an...

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New Hikes to Petrol Taxes

November 16, 2012 New Zealand Taxation

RoadworksMotorists could soon be paying more for petrol or could face delays to major roadworks around the country.

On November 15th One News revealed the contents of a briefing issued to the government by the New Zealand Transport Association, showing that the Association is facing a shortfall in funding for road building projects, and is now suggesting that petrol taxes should be raised by as much as 9 cents per liter over the next three years.

Commenting on the shortfall and the proposal to hike taxes, the spokesperson for the New Zealand Traffic Institute Andy Foster said “…we’re not surprised, in fact we’ve been telling the Government that was likely anyway.”

Mike Noonan, a representative of the Automobile Association, said that the impact on motorists would be reduced if the tax increases wer...

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New Zealand Tops Rankings for Business

November 15, 2012 New Zealand Finance

Auckland SkylineNew Zealand’s positive business climate and resilient economy have led to it being ranked the top country for doing business in the world.

On November 14th Forbes released the 2013 edition of its annual Best Countries for Business report, which ranked New Zealand as the best country in the world for doing business, based on 11 different criteria.

Out of the 11 criteria inspected by Forbes, New Zealand ranked first in four, being seen as best in the world for its freedom from corruption, legislative protection of investor interests, the lack of red tape for businesses, and personal freedoms. New Zealand was also ranked in the top ten for two other measures, being placed 6th and 7th in regards to property rights and monetary freedom respectively.

The newly published report also summarized Ne...

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