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The Goods and Services Tax Act is an Act of Parliament passed in New Zealand in 1985. The Act established a consumption tax in New Zealand, originally set at 10%, but subsequently raised to 15%. GST is a tax of 15% on all goods, services and other items sold or consumed in New Zealand. Individuals become liable to pay GST when their annual ...
In 2021-22, Inland Revenue collected $100.6 billion in tax revenue, [6] which helped pay for the services that all New Zealanders benefit from such as social security and welfare, health and education. Other services included law and order, housing and community development, environmental protection, defence, transport, and heritage, culture ...
Penny and Hooper case. Penny and Hooper ( [2011] NZSC 95) [1] was a landmark taxation case in New Zealand that reached the Supreme Court of New Zealand, which was a major victory for the Inland Revenue Department (IRD) on the issue of tax avoidance .
New Zealand went through a major program of tax reform in the 1980s. The top marginal rate of income tax was reduced from 66% to 33% (changed to 39% in April 2000, 38% in April 2009, 33% on 1 October 2010 and back to 39% in April 2021) and corporate income tax rate from 48% to 28% (changed to 30% in 2008 and to 28% on 1 October 2010).
Goods and Services Tax ( GST) is a value-added tax or consumption tax for goods and services consumed in New Zealand . GST in New Zealand is designed to be a broad-based system with few exemptions, such as for rents collected on residential rental properties, donations, precious metals and financial services. [1]
In 1992, New Zealand politician Winston Peters made repeated claims in Parliament of criminality associated with tax planning undertaken by some of New Zealand’s largest companies (some involving tax deals with the Cook Islands) as well as fraud and incompetence by both the Inland Revenue Department and the Serious Fraud Office.
The High Court of New Zealand decided in favor of Challenge Corp Ltd and its decision was "upheld by a majority of the Court of Appeal." This decision was then appealed by Commissioner of Inland Revenue to the Judicial Committee of the Privy Council. [2] [3] [4] [5]
This excludes the financial impact of the overseas property Harvey Norman owns for its stores. New Zealand was the only overseas market to recorded a rise in profit over the last financial year (from AU$49.75 million to AU$53.11 million), with operations in Slovenia and Croatia posting a small profit decline (from AU$3.02 million to AU$2.70 ...