gift duty tagged posts
August 18, 2011 New Zealand Taxation
Parliament has passed a new Bill, which aims to make the New Zealand tax system more efficient by abolishing gift duties.
New Zealanders are set to save a cumulative NZD 70 million a year in the future on complaince costs, following the passage of a new Bill though Parliament. The new Bill abolishes gift duties from the New Zealand tax system, with the change scheduled to take effect on October 1st 2011.
The Taxation (Tax Administration and Remedial Matters) Bill was originally introduced to Parliament in November 2010, and passed by Parliament on August 17th.
Commenting on the passing of the Bill the Revenue Minister Peter Dunne that the change is “… well past its due date”, and that gift duties were a “…relic of the estate duty era, long since passed, and it has been overtaken by other ...Read More
March 29, 2011 New Zealand Taxation
The government has approved several changes to the national tax system, in an effort to aid the wellbeing of families and businesses struck by the recent earthquake.
In a media statement jointly released by the Minister of Revenue Peter Dunne and the Minister of Finance Bill English, it was conceded that New Zealand’s tax system was not forseen to handle the repercussions of disasters to the scale of the Christchurch earthquake, and several proportional changes will be added in the face of new realities. Bill English explained, saying, “…with the end of the tax year rapidly approaching, businesses and employers in Christchurch and around New Zealand need some certainty about the tax issues arising from the Canterbury earthquakes.”
The New Zealand Inland Revenue Department (IRD) had...Read More
November 1, 2010 New Zealand Taxation
The Government has confirmed that it will continue with its intention of abolishing gift duties in New Zeland, as promised earlier in the year.
On November 1st it was revealed by Peter Dunne, Revenue Minister of New Zealand, that gift duties will no longer be applicable in New Zealand, as of October 1st 2011.
According to Peter Dunne, various government departments have worked throughout the year to asses concerns surrounding the abolition of gift duties, and to appraise the move’s viability. Subsequently it was agreed that gift duties are generating an approximate NZD 70 million annually in compliance costs for the national private sector, while not raising any significant revenues for the Government...Read More
June 11, 2010 New Zealand Taxation
The 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...Read More