Monthly Archives February 2015
February 23, 2015 New Zealand Finance
International tourists coming into New Zealand spent NZD 7.3 billion in the country last year, a significant rise over the total spending in 2013.
Late last week the Ministry of Business, Innovation and Employment issued a statement showing that over the course of 2014 international visitors coming to New Zealand spent an average of 13 percent more than they did in the previous year.
It is estimated that compared to last year, the amount of total spending by tourists from China has risen by 50 percent to a level of NZD 1 billion, while spending by tourists from the USA, UK and Australia rose by 32 percent, 29 percent and 8 percent respectively.
The total spending by international tourists over the course of 2014 was approximately NZD 7.4 billion.
It was also noted that as of the fourth q...Read More
February 18, 2015 New Zealand Taxation
Winemakers throughout the New Zealand may soon lose out on as much as AUD 23 million, as the Australian government reevaluates a selection of tax rebates.
According to a recent statement by the chief executive of the Winemakers’ Federation of Australia Paul Evans, the government of Australia may soon scrap the Wine Equalization tax rebate scheme which results in tax rebates for a number of New Zealand winemakers.
Currently as many as 200 New Zealand winemakers are claiming tax rebates from the government of Australia of as much as AUD 500 000, totalling AUD 23 million in 2013 alone.
The potential review and abolishment of the rebate is part of a wider revaluation of the Australian tax system, which will be held later this year.
The Wine equalization Tax rebate scheme was initially offer...Read More
February 16, 2015 New Zealand Taxation
South Island farmers are being allowed to pay taxes late, as a means of helping them cope with drought conditions.
Late last week the Inland Revenue Department issued a new statement that tax relief will be provided to farmers in selected drought-stricken regions in the South Island.
The tax relief will come as the Inland Revenue Department has opted to use its powers of income equalization discretion, following the an announcement by the Primary Industries Minister Nathan Guy that frames in the eastern South Island were facing a medium-scale adverse event.
Effected farmers will now be given extra leniency in filing their tax payments late, and will be eligible to apply to receive any tax refunds early.
The leniency is intended to allow farmers to shift their tax burdens to a time when co...Read More
February 11, 2015 New Zealand Taxation
The controversial information leaks from HSBC bank have shown that New Zealanders are associated with accounts worth more than USD 150 million.
Earlier this week the International Consortium of Investigative Journalists released the results of a new investigation into information leaked from the HSBC bank, providing details regarding the involvement of New Zealanders with accounts held at the bank.
According to the ICIJ, between 1975 and 2006 194 separate bank accounts were opened by HSBC for New Zealanders, or for clients associated with New Zealand via local lawyers, specialists, companies or operations.
The information in the leak investigated by the ICIJ shows that 110 clients have some association with New Zealand, although only 41 percent of them hold a New Zealand passport.
It is es...Read More