Monthly Archives April 2014
April 23, 2014 New Zealand Taxation
New Zealanders support the idea of dropping tax credits on Kiwisaver, in favor of reducing the overall tax burden on retirement savings.
On April 22nd the Financial Services Council released a new statement with the result of a new survey of New Zealanders on their opinions towards taxation of KiwiSaver, showing that a large number of people support the removal of the member tax credit in order to reduce tax rates applicable to retirement savings.
According to the Financial Service Council, if KiwiSaver became mandatory for all New Zealanders, the NZD 521 annual tax credit could be abolished entirely, and the savings were used to directly reduce the tax rates applied to KiwiSaver earnings, then an average New Zealander could cut their Kiwisaver contributions by as much as NZD 164 000 over ...Read More
April 18, 2014 New Zealand Taxation
The Labour party wants to make several tax changes in order to encourage more investment and growth in the national manufacturing sector.
On March 17th the Labour party released a statement saying that if the party is elected in the coming election, it will implement several tax changes aimed at aiding the national manufacturing sector.
According to the statement, the Labour party intends to instate a 12.5 percent tax credit for businesses engaged in research and development activities.
In order to even further support high-tech businesses, the Labour-led government would “…better integrate manufacturing R&D requirements with research-based institutions.”
Manufacturing businesses will also receive tax assistance in the form of accelerated depreciation on new equipment and facilities...Read More
April 9, 2014 New Zealand Taxation
The Ruapehu District Council is now looking at implementing taxes specifically aimed at tourists.
Late last week the Ruapehu District Council issued a statement calling for public comments and suggestion on the issue of raising greater revenues for the council, potentially by imposing some form of levies or taxes aimed at visiting tourists.
According to the Council, “…Ruapehu’s visitor industry has some very significant financial issues that need addressing,” and, further, the Council is concerned that “…the reality of the financial issues facing Ruapehu tourism have not been accepted or understood by some operators.”
Currently the council has proposed that in order to raise more revenues, new taxes could be imposed on the use of carparks located in local national parks or n...Read More
April 7, 2014 New Zealand Taxation
The idea of taxing soft drinks in New Zealand has been lambasted, with claims that the tax has failed in every case where it has been implemented anywhere in the world.
Late last week the New Zealand Taxpayers’ Union released a new statement striking back at recent media articles deemed to be endorsing the nationwide implementation of a tax on sugar-laden soft drinks.
According to Jordan Williams, Executive Director of the Taxpayers’ Union, every example of sugar taxes being applied in other countries has not had any significant result in reducing the consumption of sugar or on increasing health.
Jordan Williams went on to say that New Zealanders are already taxed too much, and he questioned why taxpayers should face even more taxes because of the “irresponsible behavior” of others...Read More