GST tagged posts
May 10, 2013 New Zealand Taxation
The IRD is looking at potential changes which could be made to the tax treatment of residential body corporates.
On May 8th the IRD released a new issues paper calling for public opinion on the treatment of GST for bodies corporate.
According to the IRD, a body corporate “makes supplies of services to owners of a unit title”, and discussions are now being held on whether body corporates carry out taxable activity and whether such entities qualify as body corporates may register for GST.
Explaining the purpose of the issues paper, the chief tax counsel of the IRD Martin Smith said that “…the paper sets out an initial interpretative position for consideration and also raises some alternative views...Read More
June 30, 2011 New Zealand Taxation
The Labour Party and the Green party are teaming up in support of new tax incentives which would lead to New Zealanders to have healthier diets and purchase more fruits and vegetables.
According to conclusions drawn in new research published by the World Health Organization, New Zealand has one of the highest rates of diabetes sufferers in the world. The report has prompted Labour Party leader Phil Goff to stand up in renewed support of cutting the Goods and Service Tax (GST) on fresh fruits and vegetables.
At a press conference held in Wellington on the same day, Grant Robertson, health spokesperson for Labour, said that that the National party’s refusal to cut GST fro fruits and vegetables “exposes the folly of the Government’s refusal to promote healthy eating policies”...Read More
February 4, 2011 New Zealand Finance
The Savings Working Group has released its final report, outlining several measures to increase the country’s savings level.
On the February 1st the government appointed Savings Working Group (SWG) released its long awaited final report, with suggestions on reducing New Zealand’s overall reliance on overseas debt. According to research within the report, the country’s net foreign liability currently stands at 85 percent of the GDP. Comparatively, Australia is only at a level of 58 percent. The comparatively large liabilities level means that New Zealand is particularly vulnerable to large overseas financial movements. According to the SWG, urgent action is needed to address the situation.
The report recommends that the national savings level should increase to 3 percent of the GDP, a...Read More
January 24, 2011 New Zealand Taxation
Last year’s Goods and Service Tax rate increase caused a significant jump in New Zealand’s inflation figure, with debate arising as to whether consideration should be taken to lower the tax.
Last week it was revealed that the recent hike in the national Goods and Service tax (GST) rate bumped the quarterly inflation level to the highest it has been in 22 years. According to official data released by the Reserve Bank of New Zealand (RBNZ), inflation for the three months to December 2010 rose to 2.3 percent, the highest quarterly increase, since the last GST rate increase in September 1989.
The rapid price rise has been attributed to the October 1st 2010 2.5 percent hike to the GST rate...Read More