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New Zealand went through a major program of tax reform in the 1980s. The top marginal rate of income tax was reduced from 66% to 33% (changed to 39% in April 2000, 38% in April 2009, 33% on 1 October 2010 and back to 39% in April 2021) and corporate income tax rate from 48% to 28% (changed to 30% in 2008 and to 28% on 1 October 2010).
The rate for GST, effective since 1 October 2010 as implemented by the National Party, is 15%. [3] This 15% tax is applied to the final price of the product or service being purchased and goods and services are advertised as GST inclusive. Reduced rate GST (9%) applies to hotel accommodation on a long-term basis (longer than 4 weeks). Zero rate ...
New Zealand no longer has land taxes per se. Formerly, NZ did have land taxes—its first ever direct tax, enacted in 1878, was a land tax (levied at a rate of one halfpenny per pound of unimproved land value). [1] But the contribution of land taxes to the government steadily reduced and by 1967 represented a mere 0.5% of total government revenues.
Map of the world showing national-level sales tax / VAT rates as of October 2019. Additional local taxes may apply. [citation needed]A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
There is no social security (payroll) tax or land tax in New Zealand. The 2010 New Zealand budget announced cuts to personal tax-rates, with the top personal tax-rate reduced from 38% to 33% [105] The cuts gave New Zealand the second-lowest personal tax burden in the OECD. Only Mexico's citizens retained a higher percentage-wise "take home ...
The principal residence, primary production land and land used by a charity are exempt from land tax. The threshold is $25,000 and the date of audit is 1 July. Between $25,000 and $350,000 the tax rate is 0.55% and over $350,000 it is 1.5%. The threshold for individuals is $600,000 and $350,000 for other entities.
The model of local government introduced after New Zealand became a British colony in 1840 had nothing in common with the tribal system practised by Māori. [2] The New Zealand Constitution Act 1852, a British Act of Parliament, established six provinces in New Zealand—Auckland, New Plymouth (later to be renamed Taranaki), Wellington, Nelson, Canterbury, and Otago—based on the six original ...
New Zealand claims the ninth largest exclusive economic zone in the world, covering 4,083,744 km 2 (1,576,742 sq mi), more than 15 times its land area. [7] The South Island is the largest land mass of New Zealand, and is the 12th-largest island in the world. The island is divided along its length by the Southern Alps.