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New Zealand tax predictability is key to driving investment

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WELLINGTON: New Zealand’s tax policies are seen as relatively straight forward, consistent and predictable compared to other countries in the region, according to a Deloitte survey released yesterday. The third edition of Deloitte’s Asia Pacific Tax Complexity Survey, entitled Shifting sands: risk and reform in uncertain times, highlights key tax trends facing businesses operating in the region. It surveyed 331 ... Read More »

New Zealand to hike income tax threshold 30%


WELLINGTON: New Zealand’s Finance Minister, Steven Joyce, is seeking to increase the country’s threshold for 30 percent income tax to above NZD48,000 (USD33,761). Hinting the measure may not be introduced in May’s Budget, Joyce said that the increase would certainly be introduced if his National party is re-elected this September. In an interview with TV3, he said: “The median wage ... Read More »

Kiwi govt. considers raising tax threshold for some: Steven Joyce


WELLINGTON: The Kiwi Finance Minister wants to raise the tax threshold for middle-income earners but won’t say whether that will be announced in next month’s Budget. Steven Joyce said it would definitely happen if National was re-elected in September. The current threshold for 30 percent tax is $48,000 – slightly more than the median annual income. Joyce told press he ... Read More »

New Zealand wine import values in US surpass Australia


WELLINGTON: In 2016, the value of New Zealand imports into the US totaled US$400 million, having steadily increase over the past five years, as US imports shift toward more premium offerings. In comparison, the value of Australian wine imports into the US has been on a steady decline since 2012, dropping to around $350m in 2016, placing the value of ... Read More »

Australia, NZ reach agreement on Pacific trade pact

bilateral trade

MELBOURNE: Australia and New Zealand reached agreement on a landmark Pacific trade pact on Thursday to cut down trade barriers, boost tourism and raise living standards in the region, the two governments said. The deal, reached in Brisbane, includes 12 Pacific Island nations and was eight years in the making. “This agreement will drive economic growth and raise living standards ... Read More »

New Zealand shares fall as Fletcher Building speculation weighs

shares fall

WELLINGTON: New Zealand stocks fell as Fletcher Building dropped near a year-low with speculation the firm is vulnerable to a corporate raid and as global equity markets were subdued with the protracted stand-off between the US and North Korea and weaker-than-expected US company earnings. The S&P/NZX 50 index declined 15 points, or 0.2 per cent, to 7,218.52. Within the index, ... Read More »

American traveler deported from New Zealand for fruit smuggling

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WELLINGTON: An American traveler had her Easter visit to New Zealand cut short when she failed to declare a suitcase packed with fruit and vegetables to Christchurch biosecurity officers. Ministry for Primary Industries (MPI) staff detected the goods during an X-ray screening of the passenger’s bag after she arrived on a flight from Sydney on Saturday morning. She was forced ... Read More »

New Zealand eyes to enhance bilateral trade relationship with Malaysia


WELLINGTON: Kiwi Trade Minister Todd McClay travels to Malaysia today for high-level talks with Malaysian Trade Minister Mustapa Mohamed and to mark 60 years of successful bilateral relations between the two countries. McClay will also speak about trade and investment opportunities in New Zealand at a business forum in front of 150 of Malaysia’s top executives and investors. He issued ... Read More »

New Zealand issues withholding tax rules


WELLINGTON: New Zealand’s Inland Revenue on April 11 issued a special report providing guidance on new withholding tax rules for interest paid to foreign related-party lenders. Changes to these rules were made in the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017. The tax authority explained that the law needed to be modified to ensure ... Read More »

New Zealand Customs trials e-gate solution for families and groups


WELLINGTON: A new self-service solution for families travelling together is being tested by New Zealand Customs at departures at Christchurch Airport. The solution extends the existing e-gate programme to families, groups and assisted travellers. Previously, families travelling with children under 12 years old and assisted travellers were unable to use the automated e-gates. Instead, they were required to go to ... Read More »

New Zealand tax shifting schemes loses $700m a year


WELLINGTON: New Zealand is losing more than $700 million a year as a result of profit shifting schemes by multinational companies, a new study has found. The figure is more than double the $300m estimate given this month by ministers Judith Collins and Steven Joyce, when they announced proposals to crack down on tax-avoiding multinationals. The study, carried out by ... Read More »

New Zealand Customs nabs three, seizes $2.1m ecstasy haul at Christchurch Airport

New Zealand customs

WELLINGTON: Three people from Europe have been arrested after $2.1 million worth of MDMA was found in their luggage at Christchurch Airport. The trio, two men aged 32 and 35, and a woman aged 31, arrived on a flight from Europe via Singapore yesterday, and were stopped and questioned by Customs officers. X-rays of the luggage identified inconsistencies, and on ... Read More »

New Zealand shares at highest since October


WELLINGTON: New Zealand shares rose to their highest level since early October, as A2 Milk’s bull run continued and the market shrugged off Asian jitters ahead of a potentially tense meeting between US President Donald Trump and his Chinese counterpart Xi Jinping that starts Thursday. The S&P/NZX 50 index increased 24 points, or 0.4 percent, to 7,289.53. Within the index, ... Read More »

New Zealand and Singapore to forge closer ties

New Zealand, Singapore eyes

WELLINGTON: New Zealand and Singapore are to pursue an Enhanced Partnership that will significantly boost collaboration between the two countries, their Foreign Ministers, Hon Murray McCully, and Dr Vivian Balakrishnan, announced today The two Ministers, who met in Wellington today, said the Enhanced Partnership would deepen cooperation in the areas of trade and economics, security and defence, people-to-people links and ... Read More »

New Zealand, Singapore eyes to strengthen economic ties

New Zealand, Singapore eyes

WELLINGTON: New Zealand and Singapore are to step up economic links and defense cooperation, foreign ministers of the two countries announced in Wellington today (Tuesday). New Zealand Foreign Minister Murray McCully and Singaporean counterpart Dr. Vivian Balakrishnan released a joint statement after holding talks in the New Zealand capital. The two countries would pursue an enhanced partnership that would significantly ... Read More »

NZ business confidence falls but signs point to rising inflation

business confidence

WELLINGTON: New Zealand business confidence fell at the start of 2017 but, more importantly for the country’s central bank, inflation pressures picked up, a private survey showed on Tuesday. Though businesses optimism waned from two-year highs hit the previous quarter, signs that inflation would rise suggested the Reserve Bank of New Zealand’s (RBNZ) bid to boost tepid price growth by ... Read More »

Russia willing to re-start NZ free-trade talks


WELLINGTON: Russia is willing to restart free trade talks with New Zealand that were halted after the annexation of the Crimean peninsula, but Trade Minister Todd McClay says it is too soon to resume negotiations with the world’s 12th-biggest economy. Last week Prime Minister Bill English released New Zealand’s refreshed trade strategy, which seeks to have 90 percent of goods ... Read More »

New Zealand, China to upgrade FTA in next month

New Zealand China

WELLINGTON: Negotiations for an “upgrade” to the New Zealand – China free trade agreement will begin next month – a step Prime Minister Bill English said would help boost trade to $30 billion. The April 25 start date for talks was announced after a bilateral meeting between China’s Premier Li Keqiang and Prime Minister Bill English on Li’s visit to ... Read More »

New Zealand loses $700m a year by tax shifting schemes

New Zealand Dollar

WELLINGTON: New Zealand is losing more than $700 million a year as a result of profit shifting schemes by multinational companies, a new study has found. The figure is more than double the $300m estimate given this month by ministers Judith Collins and Steven Joyce, when they announced proposals to crack down on tax-avoiding multinationals. The study, carried out by ... Read More »

New Zealand posts record annual trade deficit


WELLINGTON: New Zealand posted a merchandise trade deficit of NZ$18 million in February, Statistics New Zealand said on Friday. That missed forecasts for a surplus of NZ$180 million following the upwardly revised NZ$257 million deficit in January (originally -NZ$285 million). Exports were down 5.5 percent on year or NZ$232 million to NZ$4.01 billion, missing forecasts for NZ$4.20 billion but up ... Read More »