tax reform tagged posts
January 14, 2013 New Zealand Taxation
New Zealand needs to take a step back and have a close look at the current tax code, before embarking on a fundamental overhaul of the tax system.
Grant Thornton, a partner at the taxation consultancy firm Greg Thompson, has heralded in the new year with a press release issued on January 14th, saying that the New Zealand tax code and tax administration systems need a complete overhaul.
According to Grant Thompson, over the years the New Zealand tax regulations have faced a succession of changes, updates and alterations, and now the entire tax legislation exceeds 3 000 pages in length.
The breadth and complexity of the tax code now means that the tax system is too complicated to be understood by an “ordinary Kiwi”, and “New Zealanders spend too much time, money, and aggravation understandin...Read More
September 14, 2012 New Zealand Taxation
A new bill has been introduced, proposed several tax changes aimed at ensuring that the New Zealand tax system remains fair and competitive.
On September 13th a new bill was introduced to Parliament today, proposing revisions to the taxation of livestock, the taxation of mix-use assets, and also suggesting that non-resident businesses should be able to register for GST in New Zealand.
The bill, the Taxation (Livestock Valuation, Assets Expenditure and Remedial Matters) Bill, contains provisions to amend the rules for the valuation of livestock.
Explaining the proposed change, the Revenue Minister Peter Dunne said “…the situation had previously been too loose, allowing some farmers to switch between the two main livestock valuation methods to receive an unfair tax advantage over those farm...Read More
November 25, 2011 New Zealand Taxation
The Alliance Party is attempting to woo New Zealand voters, with a promise of tax reforms and greater equality.
With only days to go to the national General Election the Alliance Party is pushing for voter support with a radical overhaul to the country’s taxation system, saying that its planned changes would create higher living standards in New Zealand.
The Alliance Party proposes an overhaul to the treatment personal income taxes. Under the party’s rules all incomes below NZD 10 000 would be exempt from personal income taxes, with the rules even applying to those receiving superannuation payments and the benefit. Incomes between NZD 10 001 and NZD 48 000 would be levied with a rate of 17.5 percent, while those between NZD 48 001 and 70 000 would see a tax of 30 percent...Read More
October 28, 2011 New Zealand Taxation
The New Zealand Mana Party is aiming to equalize income inequalities in New Zealand through a series of new measures.
In a speech given in Auckland on October 27th the Manukau East Mana Party candidate John Minto said that the party is aiming to restore equality across the country.
John Minto claimed that within New Zealand there exists an extremely wealthy 1 percent of the population, while hundreds of thousands of children in the country live in poverty. In order to address the income inequalities the Mana Party promises to push for policies to increase the spending power of low income individuals.
The Mana Party proposes to cut all income taxes from the first NZD 27 000 of taxpayer earnings. The party would also pursue the abolishment of GST on all goods and services in New Zealand...Read More