New Zealand government tagged posts

Bill English Outlines Government’s Key Economic Policies

February 24, 2012 New Zealand Taxation

The Seat of GovernmentThroughout the next three years the government of New Zealand will concentrate on four economic priorities aimed at ensuring that the country experiences strong economic growth and the national budget returns to a surplus in the 2014 – 2015 fiscal year.

On February 23rd the Minister of Finance of New Zealand Bill English gave a speech at the Auckland Chamber of Commerce, outlining the government’s intended economic policies for the next three years, and explained that the government currently has a comprehensive plan to build a more competitive economy with a greater level of international exports.

According to the Minister, one of the government’s key priorities is to responsibly manage its own finances and return to a budget surplus within three years...

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NZ Accounts Saw Small Improvement

February 1, 2010 New Zealand Finance

Government, old and newThe New Zealand Crown accounts for the five months to November 30th saw a marginal improvement over earlier estimates, following a better than expected New Zealand Super Fund, ACC and EQC investment performance.

According to a New Zealand Government press release, published on January 29th, the Crown’s operating deficit before gains and losses for the time period was NZD3.7 billion. The figure is NZD700 million better than previously forecast in the 2009 Half-Year Economic and Fiscal Update. The operating deficits including gains and losses for the same period were reported to be NZD1.4 billion, which was NZD1.1 billion better than forecast.

Though the figures are positive, Bill English, Finance Minister of New Zealand , has warned that the news should be taken with some caution...

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New Zealand Double Taxation Agreements

September 1, 2008 International TaxationNew Zealand Taxation  No comments

Double taxation agreements are tax treaties between two countries. These agreements come into effect when a person is a tax-resident of both New Zealand and another country.

Double Taxation agreements prevent the situation of taxation on one income by two countries, through coming to an agreement as to what incomes will be taxed in the country of residence and exempt in the country of occurrence. It also deals with the opposite case where the income will be taxed at the country of occurrence and compensation arises in the country of residence.
Double Taxation also extends to more comprehensive sharing of tax information between tax authorities.

New Zealand currently holds double taxation agreements with the following countries:

Czech Republic

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Imputation Credit Expansion

August 19, 2008 New Zealand Taxation  No comments

The New Zealand Government has released discussion documents which call for comment on the current system, proposal for change, and invitation for system suggestions.

Current imputation credit regulation allows for New Zealand shareholders to offset their income tax obligation with imputation credits attached to the dividends they receive from a New Zealand income tax paying company. These rules do not currently extend to tax-exempt entities or charities, as they have no income tax obligation which needs to be offset. As this means that unutilized imputation credits are effectively wasted when dealing with tax-exempt entities, there have been numerous calls for revisal of the system.

The New Zealand Government has not ruled out the possibility of imputation credit refunds for tax-exempt en...

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