estate duty tagged posts

Government Intends to Repeal Gift Duty Tax

June 11, 2010 New Zealand Taxation

United Future AnnouncementThe Government of New Zealand is investigating the possibility of repealing gift duty taxes, as the levies provide too little revenue for their inherent administration costs.

On June 10th Peter Dunne, Revenue Minister of New Zealand, released a statement revealing the Government’s intentions of abolishing Gift Duty Taxes. According to Peter Dunne, the Government has been investigating the issue for several months and “a strong case has emerged” for the complete repealing of the Gift Duty Tax rules.

According to Peter Dunne’s statement, Gift Duty was initially introduced to prevent individuals circumventing Estate Duty taxes. Estate Duties were subsequently abolished in 1992, although Gift Duty Taxes were retained...

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