The effects of changes to taxation in the new budget has been enacted by Parliament. The changes to taxation brought about by the new budget have been passed through Parliament under the Taxation (Budget Tax Measures) Bill. It was introduced under urgency n the same day as the budget, the 28th of May, it passed and received Royal Assent the following day. The weekend and public holiday meant that it was only enacted on the following work day, the 2nd of June. The ... Read More

New Zealand Prime Minister John key delivered the new Budget, no great surprises were present. The new Government’s first Budget has been released amongst poor economic conditions and threats of credit rating downgrades. No particular surprises were featured, that have not been circulating over the previous weeks. The promised personal tax cuts for 2010 and 2011 have been deferred, with no set date. To some analyst this has suggested these cuts be in perpetual deference, as John Key has talked of working ... Read More

New Zealand Prime Minister John Key has stated that the decision regarding the possible downgrade of New Zealand’s credit rating could come as early as the 28th of May, Budget release day. While no official indication has been given by credit rating agency Standard & Poor’s as to the timing or result of their credit rating decision, Prime Minister John Key has made optimistic statements both to the possible outcome and the time until its announcements. Three Standard & Poor’s executives were in a ... Read More