tax increase tagged posts
August 20, 2009 New Zealand Taxation
Debate has yet again arisen in New Zealand over the issue of taxes, this time in regards to the option of raising GST.
In an effort to cheer the ever worsening prognosis regarding the Government’s decreasing revenues and balances, the idea of raising GST has been raised. The concept was put forward by the Government set up Tax Working Group, a group of experts tasked with advising on issues regarding taxation in New Zealand.
GST in New Zealand is currently set to 12.5%, the Tax Working Group has suggested raising this to 15%. This could potentially raise an extra NZ$2.1 billion annually. The idea of a 7.5% rise, to 20%, could yield a GST collection of an extra NZ$6.2 billion...Read More