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New Zealand releases tax guide on backdated holiday pay

Time For Taxes Message Shows Taxation Due

WELLINGTON: New Zealand’s Inland Revenue has issued guidance to employers on how a backdated payment to correct errors in holiday pay is to be treated for tax purposes. The guidance has been released because It was identified recently that for a number of years some employers have been underpaying their employees’ holiday pay entitlement. The guidance is intended to assist ... Read More »

New Zealand lawmaker says good chance of Pacific trade deal

TPP-logo

WELLINGTON: New Zealand’s trade minister said Thursday he believes there’s an odds-on chance that a group of 11 Pacific nations including Japan and Australia will sign a free-trade deal, despite the U.S. pulling out. Todd McClay said the remaining members of the Trans-Pacific Partnership (TPP) are committed to completing a deal quickly and with only small changes. He announced that ... Read More »

New Zealand inflation expectations ease: RBNZ survey

inflation1

WELLINGTON: The two-year ahead inflation expectations in New Zealand decreased in the September quarter, a quarterly survey published by the Reserve Bank of New Zealand showed Monday. Expectations for the next two year dropped to 2.09 percent from 2.17 percent in the previous survey. The survey was conducted by the Nielsen Company for the RBNZ. Inflation expectations for the next ... Read More »

India touted as New Zealand’s next big dairy opportunity

milk protine

WELLINGTON: India’s growing demand for dairy products, coupled with a limited domestic ability to meet that demand, might create opportunities for exporters like New Zealand. In a report for ASB, US-based agribusiness expert Prof Bill Bailey said the Indian market had “massive” potential for the likes of New Zealand and the United States. Both countries had made efforts to enhance ... Read More »

New Zealand’s Sky City profits after tax slide 69% in FY 2017

low growth rate

WELLINGTON: New Zealand casino operator Sky City Entertainment Group Limited on Wednesday reported its fiscal full-year profit after tax fell 69.2 percent. The firm posted net profit after tax for the fiscal year ended June 30 of NZ$44.9 million ($32.88 million), compared with NZ$145.7 million for the previous year. The company also said it will pay a dividend of 10 ... Read More »

Google NZ pays $300k in tax, posts another $600k loss

Google-Tax

WELLINGTON: Google New Zealand paid $304,860 in tax last year as online advertising spending – in which it dominates the market – hit record levels in 2016, but has reported another $600,000 loss. The global search engine’s New Zealand subsidiary earned revenue of $12.59 million for “services” to its parent company and Google Asia Pacific, but reported a loss of ... Read More »

Tauranga port wins industry award

port of tauranga

WELLINGTON: The Port of Tauranga has been recognised for its commitment to protecting New Zealanders against biological and biochemical substances. The Biosecurity Operational Excellence at Port of Tauranga scheme was one of the recipients to be recognised as a Biosecurity hero at the 2017 New Zealand Biosecurity Awards. The scheme was implemented in February this year with the goal of ... Read More »

Customs investigating Kiwi-made plane in North Korea

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PYONGYANG: Customs are investigating Hamilton Company Pacific Aerospace for allegedly exporting parts to North Korea. A New Zealand-made aircraft from Pacific Aerospace turned up at a North Korean military airshow painted up in the hermit state’s colours in September last year. The plane was photographed at North Korea’s first ever public airshow, which featured fighter jets and military helicopters. The ... Read More »

NZ trade surplus higher than expected

Trade Surplus Grows

WELLINGTON: New Zealand has reported a higher-than-expected $242million trade surplus for June, the fourth consecutive monthly surplus. Against market expectations of a $100million surplus, the $242million surplus was underpinned by dairy export volumes having risen almost 14%, an ASB economist said. Imports rose 7.7% to $4.45 billion, led by car imports which jumped 31% to $505million, its largest ever value. ... Read More »

NZ June trade surplus $242 million, boosted by dairy exports

euro-zone-factory-activity-hits-six-year-high-in-april-pmi

WELLINGTON: New Zealand reported a higher-than-expected monthly trade surplus of $242 million in June as exports were boosted by dairy sales, especially to China. The annual deficit in the year to June was $3.7 billion versus $3.8b in the 12 months to May. Economists had expected a monthly surplus of $100m and an annual deficit of $3.7b, according to the ... Read More »

New Zealand Airports Customs officials performing ‘Digital Strip Searches’ of travelers’ electronics

Digital Strip Searches

WELLINGTON: Despite DHS hints that foreign airports were falling down on the “security theater” job, it appears a few customs officials are more than happy to engage in local versions of “extreme vetting.” New Zealand customs officials are way ahead of the DHS in this department, having turned airports into rights-free zones where nearly anything can happen… to travelers. According ... Read More »

New Zealand police minister targets drug smuggling

New Zealand's new police minister Paula Bennett

WELLINGTON: New Zealand’s new police minister Paula Bennett has stated that the Port of Tauranga is being used to smuggle drugs into the country as she steps up counter-measures for the problem. The port celebrated a new record in June of more than one million TEUs processed in a year – a first for any New Zealand port. However, the ... Read More »

New Zealand dollar loses ground against Aussie

New Zealand dollar falls

WELLINGTON: The New Zealand dollar has continued to fall against its Australian counterpart on the back of improving data across the Tasman and a lift in iron ore prices. The kiwi traded at A94.55c from A95c at 8am and A95.61c late on Tuesday in Wellington. The trade-weighted index fell to 77.56 from 77.79. “There may be some anticipation going on ... Read More »

New Zealand lamb exports fall in May as Chinese demand dwindles

LAMB EXPORT

WELLINGTON: Strong volumes of New Zealand lamb exported through April did not flow into May after Chinese buyers stockpiled inventory earlier in the year. Total shipments for the month were 30,683 tonnes, down 11 percent versus the same month a year earlier but only 2 percent lower than the five-year average. Total volumes for both frozen and chilled lamb were ... Read More »

New Zealand minister wants UK agreement right after Brexit

FTA

WELLINGTON: New Zealand’s trade minister threw his weight behind Brexit saying he wants the country to secure a “strong trading relationship” with the UK as soon as possible. Todd McClay said New Zealand wanted to negotiate a free trade agreement with the UK and “improve access” it currently has to Britain’s markets. The former New Zealand ambassador to the EU ... Read More »

NZ Customs wins at Public Sector Excellence Awards 2017

NZCS, FRCA sign agreement to strengthen border management

WELLINGTON: The New Zealand Customs Service is delighted to be named as the winner of the Excellence in Regulatory Systems category of the Deloitte IPANZ Public Sector Excellence Awards 2017. Customs was recognised for its Joint Electronic Verification System (JEVS) which provides further assurance over the origin of New Zealand goods exported to China. The Awards judges said, “This was ... Read More »

New Zealand’s new car sales post monthly record in June

employement rises

WELLINGTON: New Zealand’s monthly new car sales rose to a record in June as the ongoing themes of cheap finance and an expanding population were given a boost by the recent Fieldays event, where resurgent rural confidence spurred farmers to buy commercial vehicles. Registrations of new vehicles climbed 17 percent to 15,985 in June from the same month a year ... Read More »

Weetabix seized by New Zealand customs in cereal row

Weetabix

WELLINGTON: Customs officers in New Zealand have seized hundreds of boxes of the breakfast cereal Weetabix after complaints by rival cereal giant Weet-Bix that it could confuse customers. The pallet of Weetabix – about 300 boxes – arrived in a container load of British goods last week, destined for the shelves of the A Little Bit of Britain grocery store ... Read More »

China, New Zealand to implement AEO customs agreement in July

agreement

SHANGHAI: China and New Zealand announced Tuesday a customs agreement on mutual Authorized Economic Operator (AEO) status to be implemented on July 1. The agreement will further boost bilateral trade and economic cooperation. Under the agreement, companies that obtain the AEO status in the two countries will enjoy simplified customs procedures, such as reduced examination or prioritized clearance, when they ... Read More »

New Zealand’s biggest cocaine bust: Pair found guilty

cocaine

WELLINGTON: When a gaudy and glittering horse head statue arrived from Mexico last year, one Customs officer’s suspicions proved well placed. His detective work led to New Zealand’s largest-ever seizure of cocaine as 35kg of the drug worth $14 million was pulled from inside the sculpture. It also led to American Ronald Cook Senior, 56, and 44-year-old Augustin Suarez- Juarez ... Read More »