excise tax tagged posts
October 3, 2012 New Zealand Taxation
Parliament is set to debate the merits of a new proposal to instate massive hikes to the duties on alcohol products in New Zealand.
Last week a new supplementary order paper was introduced by Green Party MP Kevin Hague for the Alcohol Reform Bill currently in front of parliament, proposing to raise all excise duties on alcohol by an extra 50 percent.
The proposed 50 percent increase to the excises is based on a recommendation published a in a review of alcohol laws completed by the Law Commission.
According to the forecasts prepared by the Law Commission, the 50 percent hike would raise the price of a standard bottle of beer by 17 cents, while the price of a 750 ml bottle of wine and a 750 ml bottle of spirits would rise by nearly NZD 1 and NZD 7 respectively.
It is estimated that the h...Read More
July 5, 2012 New Zealand Taxation
Excise taxes levied on the sale of tobacco currently bring in more revenue for the government than its holdings of state assets.
On July 2nd the New Zealand arm of British American Tobacco (BAT) released its financial statements for the previous financial year, showing that the company paid more in excise taxes than the government receives in dividends from all of its state-owned enterprises.
According to the statements, the company paid out in excess of NZD 801.2 million in excises taxes for the sale of cigarettes, which according to New Zealand tax experts, is more than the government can currently expect to receive in dividends from all of its 16 state-owned enterprises in one year.
The total sales for BAT were reported to be NZD 1...Read More
January 6, 2012 New Zealand Taxation
Taxes on cigarettes have once again gone up, as part of the government’s three planned rate hikes.
As of January 1st the excise tax on cigarettes and tobacco has been increased, in a move that the government claims will lead to more people quitting smoking.
The excise taxes rose by 14.6 percent on all tobacco products. The tax can only be applied to new products purchased by merchants after January 1st. However, the Consumer institute has already received several complaints, alleging that retailers are marking up their old stocks.
The latest increase is the third hike in excise taxes since June 2010...Read More
June 3, 2011 New Zealand Taxation
Winery operators are set to cheer a new move by the government, aimed at easing tax compliance rules for more than 350 wineries around the country.
On June 2nd the Economic Development Minister David Carter and Customs Minister Maurice Williamson announced a set of upcoming changes aimed at easing compliance requirements for the payment of excise taxes by New Zealand wineries.
From July 1st 2011, the threshold for the payment of excise taxes will be increased tenfold, meaning that a greater number of wineries will qualify as small producers as will not have to make payments as frequently. Under current rules, wineries with tax liabilities below NZD 10 000 are exempt from payment of excise duties on a monthly basis...Read More