Search results
Results From The WOW.Com Content Network
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 ...
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).
Since that date, a GST of 15% (dubbed the 'Netflix Tax' [11] [12]) is applied to all supplies from offshore digital service suppliers to New Zealand-based consumers. [13] It is the supplier's responsibility to apply, collect and remit the new GST to New Zealand's Inland Revenue Department.
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 ...
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 .
Rogernomics, however, has been credited with a number of other positive impacts on the New Zealand economy: [55] inflation, which had reached a high of 17.15% in 1980, has been in single digits every year since the end of Douglas' tenure as finance minister; [56] and income tax rates were halved, [55] while gross national income per capita ...
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]
The family entertainment chain is launching a nationwide monthly membership program starting at $7.99 that lets customers play a set number of games every day with an additional discount on food ...