May 2007 Budget 2007/8
According to New Zealand's budget for the year 2007/8 there are some significant changes.
The corporate income tax rate would be reduced from 33% to 30%.
A new 15% tax credit will be given to R&D projects, starting 2008/9.
Regarding the saving scheme KiwiSaver, a compulsory contribution will be imposed on employers, from 1% in 2008 to 4% in 2011.
At present the 2007 corporate tax rate in New Zealand is 33%.Individual's income tax rates are 19.5%-39%.
Capital gains are generally tax exempt.
The standard GST, goods and services tax, is 12.5%. The annual turnover for GST registration is NZD 40,000.
