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
August 9, 2016 New Zealand Taxation
Small business in New Zealand will soon have an easier time paying their Provisional Tax, if a new Bill is approved.
On Monday the Minister of Revenue Michael Woodhouse announced that new bill has been introduced to Parliament, detailing the earlier proposed updates to Provisional Tax payments.
The new bill details the new Accounting Income Method for calculation and payment of Provisional Tax by small and medium sized businesses.
Under the new system, small businesses using appropriate accounting software will be able to calculate their Provisional Tax obligations based on their realized incomes, instead of estimating their potential incomes for the year.
It is believed that the eased filing system will ease the administrative burdens for businesses, allowing owners to concentrate on o...Read More