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Electric cars skip petrol tax hike in New Zealand

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WILLING TON: Controversy is arising in New Zealand regarding the potential tax benefits to be seen by electric cars after the introduction of fuel taxes in the country’s biggest city, Auckland. Currently, the government of New Zealand is investigating the feasibility of hiking petrol taxes in New Zealand by between NZD 0.09 per litre to NZD 0.12 per litre, with ... Read More »

Coal is used for much more than just electricity generation

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WILLING TON: New Zealand coal is used for much more than just electricity generationStraterra, New Zealand’s minerals sector industry organization, has welcomed Energy Minister Megan Woods comment on TVNZ’s Q and A on Sunday that the government has no plans to end coal mining in New Zealand, particularly in light of government’s recent decision to ban all offshore exploration for ... Read More »

New Zealand proposes research and development tax incentive

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WILLING TON: The New Zealand government on April 19 launched a public consultation on a proposal to adopt a research and development tax incentive. The proposed tax break would be designed to encourage businesses to invest more in New Zealand research and development. The discussion document seeks public feedback on which types of businesses, research and development activities, and expenditure should be ... Read More »

New Zealand makes good on R&D tax incentive promise

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WILLING TON: New Zealand can factor in overseas research and development expenses when a new 12.5 percent tax credit takes effect, part of the country’s ambitious plan to attract and boost businesses. The new research and development incentive will apply to businesses incurring relevant expenditures starting on April 1, 2019. The creation of the incentive was foreshadowed by the Labor Party in ... Read More »

Govt plans tax credit for research and development

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WILLING TON: Minister of Research, Science and Innovation Megan Woods made the announcement at the electronic manufacturing company Enatel in Christchurch this morning. Dr Woods said it was a key lever in diversifying the economy and creating new industries with highly skilled jobs. “This government is committed through our coalition agreement with New Zealand First to increasing business R&D expenditure ... Read More »

Tobacco tax zealots are now changing their tune

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WILLING TON: On the AM Show this morning, Hāpai Te Hauora CEO Lance Norman admitted that tobacco excise “is having a negative impact on other areas of the community so we need to work out how we address that issue.” Mr Norman pointed out that even with such punitive taxes, over a third of Māori continue to smoke, and went ... Read More »

Government again targets regional NZ

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WILLING TON: National stands behind New Zealand’s international commitments to reducing emissions but has cautioned against drastic action which will unfairly impact New Zealand farmers and businesses, spokesperson for Climate Change Todd Muller says. “The Government has today established an Interim Climate Change Committee that will work on New Zealand’s efforts to meet our international climate change commitments – and ... Read More »

NZ dollar falls vs Aussie on stronger than expected china imports

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WILLING TON: New Zealand dollar fell against its Australian counterpart as the Aussie benefitted from stronger-than-expected Chinese import data and ahead of domestic data this week which is expected to show inflation remains weak. The kiwi dollar fell to 94.57 Australian cents as at 8am in Wellington from 94.72 cents in New York on Friday. The kiwi traded at 73.53 ... Read More »

National updates tax ad to fight Labour’s fuel tax

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WILLING TON: The National Party is highlighting Labour’s double whammy of national and regional fuel tax increases by launching an advertisement to illustrate the costs faced by consumers and a petition to encourage people to voice their opposition, National’s Transport Spokesman Jami-Lee Ross says. “These taxes will hurt consumers in the pocket. As well as the direct impact on what ... Read More »

March car sales affected by stink bug biosecurity scare

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WILLING TON: Used car sales in March plunged 18% on a year ago, as stink bug-infested ships were turned away from New Zealand shores for biosecurity reasons. New and used car sales dropped 6.6% in February and 4.4% in MarchInfometrics economist Hilary Parker said stricter controls for dealing with car shipments from Japan was likely to continue to slow the ... Read More »

NZ dollars seen resilient despite trade war fears

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WILLING TON: The Australian and New Zealand dollars are likely to stay resilient this year, a Reuters poll showed, even as fears of a global trade war spark wild gyrations in currency markets. The survey of 33-47 analysts plotted an uneventful future for the Australian dollar, which is seen at $0.7700 in one-month, $0.7800 in three months, $0.7720 in six ... Read More »

Pound to New Zealand Dollar exchange rate forecast

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WILLING TON: The Pound to New Zealand Dollar exchange rate has seen a moderate decline on 4thApril, following the news that the UK construction sector has contracted in March. Looking ahead, the Pound to New Zealand Dollar exchange rate could see further losses on the release of PMI data on 5th April. The latest manufacturing PMI showed unexpected growth, but as mentioned above the latest ... Read More »

Business NZ slams proposed changes to employment law

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WILLING TON: The Employment Relations Amendment Bill is currently before select committee and seeks to restore minimum standards and protections for employees. The bill wants to remove the 90-day trial period for companies who employ more than twenty people. Outside of the bill, the government is also mooting the idea of abolishing the youth wage. In Business New Zealand’s submission ... Read More »

Blueberry orchard a sweet opportunity

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WILLING TON: One of the North Island’s most diverse boutique orchards  encompassing blueberry, raspberry and avocado production operations  has been placed on the market for sale. Tomo Orchard at Pukenui near Houhora in the Far North, is an intensive 6.2ha horticultural venture growing blueberries under 10,000sq m of fully-enclosed framed canopies and 8000sq m of covered netting. The horticultural operation ... Read More »

Businesswoman arraigned for forging New Zealand visa

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WILLING TON: A 37-year-old businesswoman, Joyce Okafor, was arraigned yesterday before an Ogba Magistrate’s Court for allegedly defrauding a man of N550,000 by forging a New Zealand Visa. Okafor, who lives at Falalu Lawson area of Lagos State, is facing a four-count charge bordering on conspiracy, fraud and false pretences. The prosecutor, Inspector Vincent Atagamen, told the court that the ... Read More »

Pound to New Zealand dollar exchange rate tight as Brexit issues considered

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WILLING TON: The Pound to New Zealand Dollar exchange rate (GBP/NZD) has showed continued minor losses on Monday’s afternoon session. Sterling has been left unsupported as traders look at the Brexit process so far, which is still dotted with unresolved issues. Among the many problems is that state of shipping after the UK exits the EU. In the worst-case scenario, analysts have ... Read More »

NZ trade surplus in february as car imports fall to 5 year low

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WILLING TON: New Zealand posted a trade surplus in February as imports and exports both increased, with imports at a high for the month even as car imports fell, Statistics New Zealand said. Goods exports jumped 11 percent to $4.46 billion compared with February last year, while imports rose 4.6 percent to $4.24 billion, resulting in a trade surplus of ... Read More »

Bank boards a vital cog in NZ economy

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WILLING TON: More importantly the NZ banking system operates under a light-handed regulatory regime. Under this regime, bank directors are required to attest that their banks are compliant with the Reserve Bank’s regulatory requirements. The central bank accepts these attestations without reviewing, examining or auditing the process. In other words, the health of the NZ economy is highly dependent on ... Read More »

New Zealand central bank leaves rates on hold

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WELLINGTON:  New Zealand’s central bank left the official cash rate at a record low of 1.75 per cent on Thursday, saying modest interest rates would help spur economic growth. Gross domestic product (GDP) rose just 0.6 per cent in the last quarter of 2017 and the Reserve Bank of New Zealand said monetary policy would play a role in stimulating ... Read More »

NZ dollar pares gains in light trading ahead of fed review

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WILLING TON: New Zealand dollar pared overnight gains against the greenback in thin trading as markets focus on the upcoming US Federal Reserve policy review with the Fed widely expected to lift interest rates. The kiwi fell to 72.23 US cents as at 5pm in Wellington from 72.53 US cents as at 8am in Wellington, though still up from 72.10 ... Read More »