Revenue Minister tagged posts

Health Insurance Tax Rebate Proposed for Elderly

July 10, 2010 New Zealand Taxation

Breeder checking on the health status of conserved germplasm of cowpea seedsThe New Zealand Revenue Minister has revealed that he is weighing up the idea instating tax rebates for health insurance premium payments for the elderly.

Speaking at a meeting of Grey Power Bay of Plenty on July 9th, Peter Dunne, Revenue Minister and associate Health Minister of New Zealand, stated that he is currently planning to release a proposal for “a tax rebate for health insurance premium payments for over 65s.”

According to Peter Dunne, many elderly New Zealanders have taken out health insurance in the past, but are now struggling under the the financial burden of escalating insurance premiums. The tax rebates would ensure that elderly taxpayers will continue to receive continued levels of access to elective surgery in New Zealand, by subsidizing the price increases...

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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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NZ Singapore Tax Agreement Progresses

May 14, 2010 International TaxationNew Zealand Taxation

IMG_5926The Double Taxation Agreement (DTA) between New Zealand and Singapore has come one step closer to enactment, having now been incorporated into New Zealand law.

On May 12th the New Zealand Government announced the signing of an Order in Council for the DTA between New Zealand and Singapore. The signing of the Order officially incorporates the agreement into national legislation. According to Peter Dunne, New Zealand Revenue Minister, the DTA will come into effect when the equivalent legal ratification process is carried out by the Government of Singapore.

The new agreement is intended to replace the DTA signed by Singapore and New Zealand in 1973. The DTA will lower withholding rates on dividends, royalties and interest...

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NZ Investigates Taxation of Foreign-Owned PIEs

April 16, 2010 New Zealand Taxation

Wellington, New ZealandA new issues paper has been released, seeking views on two possible legislative changes concerning the tax treatment of non-residents investing in portfolio investment entities (PIE).

On April 14th Peter Dunne, New Zealand Revenue Minister, announced the release of Allowing a zero percent tax rate for non-residents investing in a PIE, an official New Zealand Government Issues Paper. The release of the paper is spurned by the International Fund Services Development Group (IFSDG), which was formed in April 2010 to advise the New Zealand Government on the changes required to create an international fund-service sector in New Zealand...

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