Tax System in New Zealand

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Tax System in New Zealand While it is no tax haven, New Zealand has comparatively simple tax laws with a focus on minimising loopholes. Income taxes are high. The tax is 19.5% on income up to NZ$38,000 (US$19,000)?. Within the OECD, a grouping of thirty developed economies, New Zealanders are just above average in the amount of tax they pay. This is measured as the ‘tax burden’: the percentage of the total tax take to GDP (the total value of services and products a country produces in a year). New Zealand’s tax burden has been 30% or above since 1980. Between 1995 and 2005 New Zealand’s tax burden rose 1%. The Inland Revenue Department (IRD) is the government department that collects taxes in New Zealand. In Māori the name of the Inland Revenue is Te Tari Taake. The Inland Revenue Department chooses to spell Taake with its long vowel marked with two ‘aa’s rather than one ‘ā’ with a macron, to distinguish it from the English word ‘take’. Taxes in NZ Prior to 2000, New Zealand had a top personal tax rate, corporate tax rate, and trustee tax rate of 33%. On 1 April 2000, the top personal marginal tax […]

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