Yearly Archives 2016
September 14, 2016 New Zealand Finance
The number of guest nights seen in New Zealand in July has risen compared to last year, but fallen if the number is seasonally adjusted.
New information released earlier this week by Statistics New Zealand indicates that holiday makers in New Zealand are staying for longer periods.
Over the course of July 2016, the number of guest nights among international visitors rose by 15.8 percent compared to the same month in 2015.
Similarly, the number of domestic guest nights over the course of July 2016 rose by 2.0 percent compared to the same month in the previous year.
The increase in tourist numbers was felt more keenly in the North Island where the total guest nights increased by 7.4 percent, while the rise was only 6.0 percent in the South Island.
However, despite the increases, the seas...Read More
September 8, 2016 New Zealand Taxation
Auckland needs a regional fuel tax in order to fund the development of roads and rail, according to Phil Goff.
In a radio interview aired this week, the Mayoral candidate for Auckland Phil Goff suggested that the city may need to implement a fuel tax in order to pay for the expansion of the roading system.
He claimed that if an Auckland-specific tax is not introduced soon, then the local traffic gridlock will continue to get worse.
He explained that in the Auckland approximately 800 new cars come onto the street every week, but infrastructure is not developing in line with the growing pressures.
Implementing an Auckland-specific road tax would raise as much as NZD 120 million per year, allowing authorities to borrow another NZD 200 million per year to pay for a light rail system betwee...Read More
New Zealand companies will find it easier to meet reporting requirements in the EU, as their local auditors will soon be recognized in Europe.
In a statement issued on August 30th the Minister of Commerce and Consumer Affairs Paul Goldsmith announced that the European Union has taken the decision that New Zealand auditors shall be recognized in the EU.
Under the scope of the new recognition any New Zealand registered company which is listing or listed in the EU “…can continue to have their statements audited in New Zealand since they will be treated the same as if they were audited in Europe.”
Explaining the significance of the change, Paul Goldsmith said “…for investors both in New Zealand and overseas the recognition of equivalence in the New Zealand systems means they can have co...Read More
August 24, 2016 New Zealand Taxation
The IRD has won a case against a serial tax evader accused of dodging nearly NZD 800 000 in taxes.
Late last week Zai Jian Liang, proprietor of tasty Zone Restaurant in East Tamaki, was sentenced to 38 months of jail time for tax evasion amounting to NZD 787 996.
According to the Inland Revenue Department claimed that Zai Jian Liang and his wife Guan Hong Liang failed to declare more than NZD 1 million of cash sales through their restaurant.
Further, alongside failing to record cash sales, the couple also failed to pay approximately NZD 500 thousand worth of PAYE for staff salaries.
Following their gross tax evasion the family also claimed nearly NZD 30 thousand worth of Working for Families tax credits.
The evidence of the tax evasion was found by IRD investigators during raid of the co...Read More