Yearly Archives 2015
December 17, 2015 New Zealand Taxation
New Zealand’s labour force will continue to grow, as more and more people work past retirement age.
The New Zealand labour force is set to see a sizable boost in the next two decades, but the growth rate will decrease over the long-term, according to new information released by Statistics New Zealand on December 17th.
The high levels of migration and the fact that a greater number of Kiwis are working to an older age means that in the short term the labour force will strong upwards pressure.
Currently, the approximate size of the labour force is estimated to be 2.5 million people, although this will rise to 2.7 million in 2023, and 2.9 million by the mid-2030s.
Over the long-term the growth is likely to be reined in, reaching 3.1 million around 2050, and 3.2 million in the 2060s.
It was n...Read More
December 2, 2015 New Zealand Finance
Dairy exports and travel exports have led the way for New Zealand to see a trade surplus.
According to new information released by Statistics New Zealand on December 2nd, the country saw a NZD 3.3 billion trade surplus for the year ended September 2015.
The total exports for the period totalled approximately NZD 69.0 billion, while the total imports for the time were NZD 66.3 billion.
The top export destinations for New Zealand were Australia and China, with NZD 12.9 billion and NZD 10.7 billion worth of goods and services being exported.
The primary sources for imports were the EU and Australia, totalling NZD 11.8 billion, and NZD 11.3 billion respectively.
Dairy and travel exports were the highest grossing export sectors, seeing a total of NZD 11.8 billion and NZD 9...Read More
November 25, 2015 New Zealand Taxation
Evidence prepared earlier this shows that taxes on sugary drinks would have an impact on obesity rates in New Zealand, especially among low-income earners.
On November 19th the Treasury released a report on the potential feasibility of implementing several measures aimed at tackling the country’s growing obesity problem.
The tax measures examined in the report include a sugar tax, a fat tax, and the removal of GST on fresh fruits and vegetables.
The Treasury found that academic evidence shows that a tax on the sale of sugar laden beverages will lead to a reduction in the rate of obesity in the country.
It was noted that those opposing the tax have claimed that the tax will exert a disproportionately heavy effect on low-income earners, but it was also noted that low-income earners experi...Read More
November 23, 2015 New Zealand Taxation
A director of two security companies in Wellington has been found guilty of dodging taxes of almost a million dollars.
Last week the Wellington District Court a serial tax offender was sentenced to eight months home detention.
Paul Cornel Coffey, a director of two security companies, was found guilty of 79 tax offenses, including failing to file GST returns and failing to pass on his employees PAYE contributions.
It was noted that Paul Coffey failed to pay approximately NZD 900 thousand in taxes over the course of three and a half years, with the amount rising to NZD 1.5 million after accounting for interest and penalties.
Along with the 8 months home detention, Paul Coffey also was sentenced to pay NZD 20 000 in reparations and to serve 280 hours in community service.
The Inland Revenues...Read More