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Strong Tax Take And Low Expenses Cut Budget Deficit Forecasts

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The government appears cautiously optimistic following the release of official figures that indicate the budget deficit has been kept lower than anticipated. The operating balance before gains and losses was sustained at $3.6 billion for the 11 months ending in May 2021. This is more than 40% less than what…

Increased Excise Rate to Worsen Small Wineries Woes

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From July 1, small wineries will see excise rates on domestic wine sales increase by 1.5%. This will amount to a further excise tax of about $2.33 per bottle and $28 per case of 12 bottles. The new rate is expected to worsen the situation for an estimated 300 small…

Labour Government Faces Opposition On New Car Tax Scheme

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The government is putting into action a rebate scheme that will see those buying electric vehicles (EVs) enjoy discounts of up to $8,625. This initiative is to come into effect from July and apply to cars worth up to $80,000. This qualifies at least one Tesla model and other popular…

Public Consultation On New Build Tax Exemption Opens

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The government has revealed proposals to have new builds exempted from planned changes in the taxation of residential investment properties. Public consultation is being invited on the details of these proposals which would see to an end of claims against interest deductions for residential investment properties, except for new builds.…
inflation

NZ Reserve Bank Signals Normalizing Of Interest Rates In 2022

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The Reserve Bank has retained the official cash rate (OCR) at 0.25%, in keeping with the government’s stimulatory support for the economy. It has however also hinted at a possible one 25-basis-point rate increase as early as September of next year and a further 150-basis-point hike by 2024. This would…