Tag: Tax

Tax statistics raise questions of fairness and equality

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New data from Inland Revenue (IRD) and Treasury shows that the richest segment of the population – known as high wealth individuals (HWIs) – pay an average of 12% of their income in tax. By comparison, those earning median incomes between $55,000 to $60,000 pay an effective tax rate of…

NZ Investment Scams On the Rise

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The Financial Markets Authority (FMA) published a report regarding an increase in scams towards investors in the country. Most of the scammers target consumers, while pretending to be respectable businesses operating in New Zealand. With COVID-19 triggering a boom for online business and e-commerce activities online, scammers have treated the…

Inland Revenue Grants Tax Relief For Short-Term Rental Providers

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Short-term accommodation providers, like Airbnb and Bookabach, now qualify for a COVID-19 tax break from the Inland Revenue Department (IRD). To be eligible for this tax exemption, short-term rental providers must have registered for GST and be forced into closure due the novel coronavirus pandemic. In addition, they must also…

Tax Hikes Likely Coming, Experts Say

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With the general election coming in September, Prime Minister Jacinda Ardern and new National Party leader Judith Collins have both been rather quiet on the subject of tax increases. But economist Cameron Bagrie says that New Zealanders should not expect tax cuts, as the coronavirus crisis has forced the government…

New Tax Law for Employee Travel

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Starting April 1 this year, the Inland Revenue Department will apply a new tax law for employee travel. This law simplifies the tax rules with regard to employees travelling long distances or to multiple locations for business reasons. The IRD noted that tax rules covering employee travel have up to…