Tag: Business

IRD To Focus on Taxpayers with Overseas Incomes

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The Inland Revenue Department (IRD) has just released its Offshore Tax Transparency guide that will help tax agents to comply with international rules. According to IRD spokesperson John Nash, New Zealand’s tax residents are obligated to pay tax on their worldwide income. This applies even where withholding tax has been…

Government Announces Draft Plan To Tax Agricultural Emissions

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New Zealand’s Ministries of Agriculture, Climate Change and Environment have released a draft plan that will guide pricing on agriculture emissions that come from belching cattle and sheep. This plan will see New Zealand become the first country in the world to have farmers pay for the emissions that come…

Government Resists Calls for Sugar Tax

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According to recently published research from a World Health Organisation (WHO) funded study conducted across a dozen countries and several US states, taxes on sugar-sweetened beverages do work on reducing the demand for said beverages by causing their prices to increase. The research reviewed 86 studies that found that with…

Kiwi Retailer Set to Freeze Commodity Prices for Winter

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One of the country’s biggest supermarket chains, Countdown, has announced plans to temporarily freeze retail prices on 500 retail items for the duration of winter. They have assured that the freeze will hold no matter the changes to inflation rates during this period. This move, it has been said, is…

Combating Financial Crimes in New Zealand

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In a move targeted at unveiling corporate secrecy that has seen companies and trusts act on behalf of shadowy foreign figures, the New Zealand government has committed to the establishment of a public beneficial ownership register. The register had been earlier proposed by the Ministry of Business, Innovation and Employment…

Buy Now, Pay Later Services Come Under Fire

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Consumer NZ is advocating for better credit regulation of the buy now pay later (BNPL) sector to avoid vulnerable consumers becoming at risk of falling into a spiral of debt. Head of campaigns, Gemma Rasmussen, has said that sensible regulation was needed to protect users from irresponsible lending. Her sentiments…

Research Shows Cash Hoarding On the Rise in New Zealand

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According to research done by the Reserve Bank of New Zealand (RBNZ) – Te Pūtea Matua, there has been a significant dip in the number of people using cash for everyday purchases. The survey found that just two-thirds of Kiwis were actively using cash daily, compared with nearly the entire…
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NZ Tech Sector Growth Hampered by Shortage of Skilled Workers

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The tech sector has delivered many benefits to the New Zealand economy. From creating jobs to boosting growth in weightless exports, the industry has also proven helpful in ramping up the digital transformation of the economy. As per 2019 data, the sector is served by 21,870 companies and 114,450 employees.…

Business Sector Hopes For 2021 Budget

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As the nation digests the latest budget, the business sector is already weighing in on areas it hopes the government will focus on. Businesses are hoping for stronger spending on infrastructure that will support economic growth. BusinessNZ chief executive, Kirk Hope, supported this action and called for the government to…