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Two officers at Serco run prison suspended over drug smuggling investigation,

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WELLING TON: The head of Western Australia’s corruption watchdog has stood down two prison officers at a Serco run jail and warned more could follow in an ongoing investigation into the smuggling of drugs and other illegal items.Corruption and Crime Commission (CCC) boss John McKechnie said the investigation had discovered “disturbing information and evidence about the ease by which serious ... Read More »

New Zealand Tables Legislation To Tackle BEPS Issues,


WILLING TON: A tax bill to counter base erosion and profit shifting by multinational companies was introduced into Parliament on December 6. The Taxation (Neutralising Base Erosion and Profit Shifting) Bill contains measures to prevent multinationals from using: Artificially high interest rates on loans from related parties to shift profits out of New Zealand; Hybrid mismatch arrangements that exploit differences ... Read More »

New Zealand tax bill hits interest deduction, PEs, transfer pricing


WELLINGTON: A tax bill to counter tax avoidance by multinational companies was introduced into New Zealand’s Parliament today. The government also released its commentary on the bill, prepared by Stuart Nash, New Zealand’s Minister of Revenue. The bill includes measures to prevent multinationals from using artificially high interest rates on loans from related parties to shift profits out of New ... Read More »

NZ tourist tax needs better planning.


WELLINGTON: Wellington– Taxes collected from tourist should flow to regions which attracted the tourists to New Zealand, says tourism group. n a press release on December 4th the advocacy group Regional Tourism NZ called for “a coordinated national discussion on tourism tax”. The newly elected Labour government in New Zealand has previously campaigned on the promise of a NZD 25 ... Read More »

New Zealand’s cocaine problem blows out


  WELLINGTON: There are fears New Zealand’s cocaine problem is getting worse, as seizures of the Class A drug continue to rise. Earlier in November at least 46kg of cocaine was seized from a hidden compartment on a ship from Chile to New Zealand. Customs group manager Jamie Bamford told Newshub there has been “quite a significant increase” in cocaine ... Read More »

New Zealand house price growth at five-year low in Oct


WELLINGTON: New Zealand house values grew at their slowest pace in five years in October, with the commercial hub Auckland suffering a price decline for the first time since 2011, the government property valuer said on Thursday. Quotable Value’s (QV) residential property price index rose 3.9 percent in the 12-months ending October, compared with an annual rate of 4.3 percent ... Read More »

New Zealand unemployment at lowest level since financial crisis


WELLINGTON: New Zealand’s unemployment rate fell again in the third quarter, sliding to 4.6% from 4.8% three months earlier, to its lowest level since the global financial crisis, Statistics New Zealand said Wednesday. The South Pacific country’s jobless rate came in below the 4.7% forecast by economists surveyed by The Wall Street Journal. The unemployment rate is at its lowest ... Read More »

NZ Q3 unemployment seen at 9-year low, unlikely to change cbank’s neutral stance


WELLINGTON: New Zealand’s unemployment rate was expected to have hit a nine-year low in the third quarter, though the rosy outlook was unlikely to prompt the central bank to re-think its determination to keep interest rates on hold for years. Ten economists polled by Reuters on average forecast the unemployment rate to sink to 4.7 percent, its lowest since 2008, ... Read More »

New Zealand’s trade deficit narrows in September

trade deficit narrow

WELLINGTON: New Zealand’s trade deficit narrowed in September as the value of dairy exports rose, but was still wider than economists expected on both the monthly and annual basis. The country’s trade deficit was $1.1 billion in September versus $1.4 billion in the same month a year earlier, Statistics New Zealand said. That was wider than the $975 million median ... Read More »

NZ commodity exports seen rising 9.2% in 2018

Morocco’s auto industry exports likely to rise to $10b by 2020

WELLINGTON: New Zealand’s primary sector exports are expected to rise 9.2 per cent in the year to June 30, 2018, according to the latest Situation and Outlook for Primary Industries, little changed from the assessment in June. The Ministry for Primary Industries has begun publishing its SOPI on a quarterly basis. Total primary sector exports are forecast to be $41.62 ... Read More »

New Zealand CPI rises 0.5% on the quarter


WELLINGTON: The quarterly inflation data from New Zealand saw consumer prices rising 0.5% in the quarter ending September. It was higher than the median estimates of 0.4% and also beat the 0.2% forecast given by the Reserve Bank of New Zealand. The third quarter increase in inflation puts it in line with the RBNZ’s target although the central bank is ... Read More »

NZ Q3 inflation seen picking up, unlikely to change c.bank’s neutral stance


WELLINGTON: New Zealand’s inflation rate is expected to have picked up in the third quarter, slightly exceeding central bank forecasts, but that is unlikely to alter the bank’s resolution to keep interest rates on hold, possibly for years. Ten economists polled by Reuters expected the consumer price index (CPI) to rise an average of 0.4 percent in the third quarter ... Read More »

Capital gains tax could help form fairer system for New Zealand: Healy


  WELLINGTON: A capital gains tax won’t affect housing affordability but could make the New Zealand tax system fairer, BNZ’s chief executive says. Anthony Healy told The Nation he supported the idea of a broad-based CGT but it should not be held up as a solution for high house prices. “All the evidence points to the fact that having a ... Read More »

New Zealand company pleads guilty to NK sanctions breach


  WELLINGTON: A New Zealand aircraft manufacturer has pleaded guilty in a local court to exporting aircraft parts to North Korea in breach of UN Security Council (UNSC) sanctions, Fairfax Media New Zealand reported on Wednesday. The company, Pacific Aerospace, was charged by New Zealand Customs in August with unlawfully exporting aircraft parts to the DPRK in violation of UNSC ... Read More »

Fuel tax increase considered for Akl transport


  WELLINGTON: The government explored increasing fuel taxes to pay for roading projects, despite criticising Labour’s plan for a 10 cent regional fuel tax, official documents show. Internal memos and briefings, released to the Green Party, showed Transport Minister Simon Bridges was told by his ministry how to close the funding gap in the Auckland transport budget. It said the ... Read More »

New Zealand’s biggest port imported more than $20 bln in goods in a year


WELLINGTON: The country’s biggest port, in Auckland, raked in about $22 billion worth of imports in the 12 months to June. Tauranga came in second, having imports worth about $7b in the same period. The port’s exports were worth close to $20b. With Port of Auckland expected to reach full capacity within a few decades, New Zealand First Leader Winston ... Read More »

New Zealand posts larger than expected 2017 budget surplus


  WELLINGTON: New Zealand’s budget surplus was larger than expected in the year through June, the Treasury Department said, as political parties vie to form a new government. The operating surplus was NZ$4.07 billion ($2.9 billion) in the year ended June 30, final government figures published Thursday in Wellington show. That’s up from NZ$1.83 billion last year and the Treasury’s ... Read More »

New Zealand’s operating surplus higher than expected for this fiscal year


WELLINGTON: New Zealand’s government reported a slightly better-than-expected operating surplus for the latest fiscal year due to higher tax revenues and as it pushed out some spending until after the election. The surplus for the 12-months to June 30 was NZ$4.069 billion(S$3.96 billion), slightly higher than a forecast of NZ$3.706 billion in its pre-election forecast updates in August. That was ... Read More »

RBNZ flags softer NZ growth as construction boom deflates


WELLINGTON: New Zealand’s central bank on Thursday hinted at a lower growth outlook as a long construction boom loses momentum and against the backdrop of political uncertainty from an inconclusive national election. A weekend vote left no single party with a majority, forcing the major parties to court New Zealand First’s controversial and outspoken leader Winston Peters to be able ... Read More »

New Zealand kiwifruit exports rise in August

profit rises

WELLINGTON: Kiwifruit exports rose 73 million NZ dollars (52.8 million U.S. dollars) in August 2017 to reach 268 million NZ dollars (193.8 million U.S. dollars), up 37 percent on the same month last year, New Zealand’s statistics department Stats NZ said on Tuesday. “This annual increase in kiwifruit exports was led by gold kiwifruit, in particular to China,” international statistics ... Read More »