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New Zealand bankruptcies drop to a five year low

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WILLING TON: A government spokesman said the decision was taken to bring about a “significant reduction” in the wild boar population and contain the risk of farm pigs being infected. The virus, which causes African swine fever, is harmless to humans and other animals. But for wild boar and farm pigs, the disease is deadly in almost all cases within ... Read More »

Tax fraudster granted parole on fifth attempt

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WILLING TON: A Wellington accountant who received the country’s longest sentence for tax fraud, has been granted parole on his fifth attempt. In 2012, Barrie Skinner was convicted of 80 counts of dishonesty using a document, seven charges of attempting to pervert the course of justice and five of providing false information to Inland Revenue. Skinner was jailed for eight-and-a-half ... Read More »

New Zealand government seeking amendments to transfer pricing provision in tax bill

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WILLING TON: The New Zealand government on February 14 announced that it will recommend a change to transfer pricing provisions in a bill designed to curtail tax avoidance by multinationals. The language, in the  concerns provisions that limit the rate of deductible interest on related party cross-border debt. These restricted transfer pricing rules contain drafting errors that cause it to not ... Read More »

NZ’s Fletcher flags bigger loss for buildings business

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WILLING TON: New Zealand’s Fletcher Building said on Wednesday that it expected its embattled building and interiors business to report a loss before interest and tax of about NZ$660 million ($480.22 million) in fiscal 2018. The projected loss has resulted in a breach of Fletcher’s financial covenants given to its commercial banking syndicate and U.S. private placement noteholders, the company ... Read More »

Financial Statements of Government of New Zealand

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WILLING TON: Financial Statements of the Government of New Zealand for the six months ended 31 December 2017 Net investment gains of $4.3 billion were recorded to 31 December 2017, $1.8 billion higher than forecast. Partially offsetting these investment gains were net losses on non-financial instruments of $2.0 billion. ACC recognised an actuarial loss of $1.6 billion on its outstanding ... Read More »

NZ dollar seen defying volatility in year ahead

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WILLING TON: New Zealand dollars, although the antipodean currencies still seem set for a remarkably dull year despite raging volatility in global markets recently, a Reuters poll showed. The survey of 50 analysts charted a steady course for the Australian dollar, which is seen at $0.7900 three months out, $0.7800 in six and back at $0.7900 in one-year. Analysts had ... Read More »

Landlords’ fear and loathing of the New Zealand rental market

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WILLING TON: New Zealand’s rental market is not only troubling for would-be tenants, many landlords fear and loathe the ever-changing rules and diminishing profits, prompting some to pull their properties from the market.  But not all landlords see the changes as a drug-induced road trip to Las Vegas – others are looking to Europe for ideas on how to perceive their proprietary role differently. Being a landlord gives ... Read More »

NZ Govt prefers taxing cigarettes over saving lives

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WILLING TON: British government body Public Health England has conceded that e-cigarettes are at least 95% less harmful than smoking, and is advising the NHS to allow patients to vape in hospitals, and let doctors prescribe e-cigarettes. The contrast could not be more stark. While Britain is encouraging smokers admitted to hospital to switch to vaping, the New Zealand Government ... Read More »

Kiwi banks pay $3.5b to Oz parent firms

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WILLING TON: New Zealand’s four major Australian owned banks paid nearly $3.5 billion in dividends to their parent companies last year – a 28 per cent jump on 2016. Disclosure documents for ANZ, Westpac and BNZ for the year to September 30 collectively paid $2.74 billion while ASB, which runs to a different financial cycle paid its Australian owner Commonwealth ... Read More »

Taxes reduced for travellers visiting New Zealand

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WILLING TON: The cost for travellers to enter New Zealand is set to drop as plans to decrease the border travel levy is due to go ahead from July 2018.  The tax, known as the Border Clearance Levy, was introduced in 2016 to fund New Zealand’s customs service and the Ministry for Primary Industries border services.  New Zealand’s Labour Party at the time said ... Read More »

NZ exports imports hit new high

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WILLING TON: New Zealand exports and imports hit new highs last year as the country earned more from agricultural products and bought more cars and computers. Goods exports jumped 11 percent to $53.7 billion in 2017 from with 2016, while imports increased 9.4 percent to $56.5 billion, with both surpassing their previous highs, Statistics New Zealand said. The annual trade ... Read More »

Pound New Zealand dollar exchange rate projected to lose momentum on NZ trade data

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WILLING TON: The Pound New Zealand Dollar (GBP NZD) exchange rate surged higher this week in response to the disappointing fourth quarter New Zealand consumer price index data. In a discouraging development for the NZD outlook inflation in the fourth quarter clocked in at just 0.1% on the quarter, highlighting the persistent lack of domestic price pressures. This encouraged investors to pile ... Read More »

WSTA urges tariff free deal with Oz and NZ

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WILLING TON: The UK trade body submitted a document to the Trade Select Committee last week urging the government to prioritise new bilateral agreements between the countries after Brexit. Trade tariffs currently add 10p-20p to a bottle of Australian or New Zealand still wine imported into the UK, and adds 22p to a bottle of sparkling wine. British spirits exported ... Read More »

New Zealand dairy aid in Myanmar hoping to foster a love for milk

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WILLING TON: A few cows are tied to a tree in the 40 degree Celsius heat. That’s how Myanmar dairy farmer U Ouh Kyau grazes his cattle, as is the way in the Southeast Asian nation now blighted by ethnic cleansing. As a cow wrestles against a rope tying it from nose to branch, visiting dairy advisor Kent Weston-Arnold inspects a slightly underweight ... Read More »

Tax bill sees Lenovo Australia & New Zealand post AU$699k profit

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WILLING TON: Lenovo (Australia & New Zealand) has made its financial results for 2017 available to the Australian Securities and Investments Commission, reporting AU$699,294 in after-tax profit. For the 12-month period, the local arm of Lenovo reported AU$5.78 million in pre-tax profit, paying the Australian Taxation Office (ATO) AU$5.1 million in tax. The company paid AU$1.64 million in tax on ... Read More »

New Zealand being marketed as people smuggling destination

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WILLING TON: New Zealand is being “marketed and pitched” as a destination by people-smugglers, warning any tweaks in the border policy could see asylum-seekers headed to Australia. Mr Dutton said the problem of people smuggling had not gone away despite illegal boats being stopped from coming to Australia about three years ago. The fact that we’ve stopped boats now for ... Read More »

Log exports concern NZ processors

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WILLING TON: New Zealand housing and reliance on imported lumber. For the 11 months to November, New Zealand exported $2.41billion of softwood logs, surpassing previous records for any full calendar year and 75% of 2017 exports were bound for China,worth $1.81 billion. While New Zealand forest owners may be reaping benefits from harvesting and exporting, the country’s processors and manufacturers ... Read More »

Plant smuggler faces fines in New Zealand

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WELLINGTON: An air passenger has been fined 2,250 NZ dollars (1,644 U.S. dollars) for following his cousin’s advice to smuggle plant cuttings and seeds into New Zealand, a statement of the Ministry for Primary Industries (MPI) said on Friday. Deo Rajan Gounder appeared in the Manukau District Court in Auckland on Wednesday after pleading guilty of trying to bring four ... Read More »

New Zealand extends tax relief to drought affected farmers

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WELLINGTON:  New Zealand Revenue Minister Stuart Nash on Thursday confirmed tax relief measures will be extended to farmers in drought areas. In late December and early January, the drought was classified as a medium-scale adverse event across many parts of New Zealand. The declaration of an adverse event allows government agencies to step up with additional support for farmers and ... Read More »

Lack of organic facilities makes NZ the most wasteful country

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WILLINGTON: New Zealand is the most wasteful country in the developed world but investment in organic waste facilities could reduce that by almost a third. Research published on Waste Management World has found New Zealand produces 3.68kg of waste per capita per day, the worst in the developed world and the 10th worst of countries worldwide surveyed. The problem is ... Read More »