Tag: Tax

Credit Arrears on The Rise

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There is a growing concern as more households appear to be struggling to keep up with debt payments. A report from credit bureau Centrix indicates that 11.9% of Kiwis were in arrears as of January, the highest level seen in four years. This amounts to about 430,000 people, up by…

Reserve Bank Warns That A Recession Is Coming

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The Reserve Bank of New Zealand (RBNZ) announced that it had raised the official cash rate (OCR) by 75 basis points to 4.25%. This is the biggest hike it has carried out since the global financial crisis of 2008 and considerably higher than the market had anticipated. The RBNZ is…

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…

Highlights from Budget 2022

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Budget 2022 is unlikely to elicit much excitement from the tax community as no new taxes or amendments to the income tax thresholds were announced despite some calls to do so. Rather, the government has opted to provide Kiwis with a temporary stimulus targeted at low to middle-income households. This…
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Bitcoin Fund Aims To Tap Into New Zealand Market

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A new investment fund opened in New Zealand to allow investors to add the popular cryptocurrency Bitcoin to their portfolio. Without needing to commit to full, direct ownership, investors will be able to access digital assets like cryptocurrencies without the risk. The Vault International Bitcoin Fund is the first in…
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NZ Tax Incentives For Economic Recovery

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New tax incentives encourage individuals and businesses to spend for economic recovery. The effects of the Covid-19 pandemic have affected the world economy and in New Zealand, many people have suffered its effects. A year ago, in September 2020, New Zealand entered a recession. Many sectors including retail, hospitality, transportation…

‘Lazy Tax’ Paid By Many New Zealanders

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Many people are subject to complacency when it comes to keeping up with their expenses. Research by comparison website Finder, indicates that as much as 87% of Kiwis are paying a lazy tax on financial products like home loans, car loans, personal loans, and income protection insurance. ‘Lazy tax’ is…