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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] It normally makes up around 30% of tax revenue in New Zealand. [2] The rate for GST, effective since 1 October 2010 is 15%. [3]
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 turnover exceeds NZ$60,000 in any 12-month period. [1]
Most products or services sold in New Zealand incur GST at a rate of 15%. The main exceptions are financial services (e.g. banking and life insurance) and the export of goods and services overseas. All businesses are required to register for GST once their turnover exceeds (or is likely to exceed) $60,000 per annum. [38]
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the sigma falls differently on different groups in each country and sub-national unit.
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. [75] It normally makes up around 30% of tax revenue in New Zealand. [76] The rate for GST, effective since 1 October 2010 is 15%. [77]
Goods and Services Tax (New Zealand) Goods and Services Tax Act 1985; I. Inland Revenue Department (New Zealand) K. KiwiSaver; N. New Zealand head tax; R. Rates (tax)
Both happened over the New Year's holiday in 1982 and 1923. What a way to ring in the new year! crested-butte-co-deep-snow-stop.jpg. 3. Truckee, California. Average yearly snowfall: 206.6 inches.
The Tax Working Group is an advisory body that was created by the New Zealand Government in late 2017 to investigate ways of reforming New Zealand's taxation system and making it "fairer." Some key areas under its purview include the Goods and Services Tax and alleviating the housing market.