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New Zealand New 15% GSTNovember 2010 The New Zealand Goods and Services tax, GST, increased from 12.5% to 15% effective October 1, 2010. New Zealand Budget UpdatesMay 2010 The finance minister presented on 20/5/2010 the second budget which includes significant tax changes. According to the budget the GST, goods and services tax, will increase from the current 12.5% to 15%, starting October 1, 2010. From that date personal income tax rates will be reduced to 10.5%-33%, compared to the current 12.5%-38% tax rates. The corporate income tax rate will also be reduced in the tax year 2011-2012 from 30% to 28%. More info: www.treasury.govt.nz/budget/2010 U.S. and New Zealand Tax TreatyDecember 2008 The U.S and New Zealand signed on December 1, 2008 a new protocol updating the tax current tax treaty between the two countries. The protocol relates, inter-alia, to excluding U.S. social security and unemployment taxes from the "taxes covered" article 2 of the treaty. The new tax withholding rate for royalties between the two countries will be reduced from 10% to 5%. The protocol will enter into force after ratification by both countries. For more details please see www.ustreas.gov New Zealand Budget 2007/8May 2007 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. |
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