Category New Zealand Finance

NZ Auditors to be Recognised in EU

September 1, 2016 International FinanceNew Zealand Finance

taxes in New ZealandNew 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...

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Greens Slam National Over Property

July 29, 2016 New Zealand Finance

The Green Party is suggesting that new data is showing that the current government is more interested in supporting housing speculators as opposed to New Zealanders wanting to buy their first home.

According to the Green party of New Zealand, the current government has allowed the country to become a “property speculators’ paradise”.

In a press release issued on July 26th the green party said that data from the Reserve Bank has shown that in June 2016 investors were issued NZD 2.56 billion on loans, while first-time home buyers were issued loans worth only NZD 738 million.

It was also shown that a total of 7 000 loans were issued to investors, while only 1 970 were issued to first-time homebuyers.

The Green party further went on to say that “National is clearly more interested in h...

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More Visas Granted for Low-Skill Jobs

July 5, 2016 New Zealand Finance

Come Fly with MeNew data suggests that since 2010 more migrants have been approved to work in low-skilled jobs in New Zealand, while the proportion of high-skilled workers being approved has dropped.

Recent modelling completed by the New Zealand immigration adviser AMG Immigration indicates that over the last 5 years a greater number of temporary work visas have been granted to low-skilled jobs.

Over the course of the 2015-16 year high-skilled jobs accounted for 68 percent of all Essential Skills visas approved in New Zealand, however, in 2010-11 such jobs made up 73 percent of all approvals.

Further, in 2010, top-tier applications made up the biggest proportion of approved visas, representing approximately 33 percent of all approved Essential Skills visas, but in 2015-16 the proportion had dropped to 23...

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Kiwisaver Markets Needs More Competition and Consumer Education

June 7, 2016 New Zealand Finance

A lack of financial knowledge among Kiwisaver customers could be leading to a lack of competition on the market, and, ultimately higher fees and lower returns.

New analysis conducted by researchers at the New Zealand Treasury indicate that Kiwisaver providers do not appear to be competing heavily on their fees or returns.

The researchers concluded that the market for Kiwisaver providers is relatively inelastic, and large established providers have little, if any, incentive to drop their fees to attract new customers.

There is also very little competition for returns among Kiwisaver funds, as these are often dominated by large and established balanced funds, which see little variance in investment targets between providers.

It was proposed that the lack of competition can be partially a...

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