Tax System in New Zealand------- All about GST!
New Zealand initiated a Goods and Services Tax ('GST') on 1 October 1986. This is like VAT and based on the OECD's standard indirect tax regime model. It is one of the most dynamic systems in the world, with a wide base and limited exemptions. GST is collaboratively regulated by the Inland Revenue and Customs. Key highlights of New Zealand's tax system include: · No legacy tax · No general capital gains tax, although it can apply to some particular investments · No local or state tax, aside from property rates invoiced by local assemblies and authorities · No payroll tax · No social security tax · No medicinal services tax, aside from a very low levy for New Zealand’s Accid...