34,200 7,641 33
1997/1998 0 34,200 0 21.5
34,200 7,353 33
1998/1999 0 34,200 0 20
34,200 38,000 6,840 22.875
38,000 7,709 33
1999/2000 0 38,000 7,410 19.5
38,000 33
10.Local Income Taxes
See item 2.
11.Capital Gains Taxes
See item 3.
12.Foreign Tax Reliefs
The basis of assessment of foreign income and the calculation of available tax credits is the same as for corporations, except that foreign dividends are included in the total income of an individual and the New Zealand tax payable is computed at the average rate applicable to total income.
Generally speaking, no credit is allowed for the underlying tax on a dividend received from a foreign corporation, but, in most cases, a special basis of assessment of United Kingdom dividends gives credit for a portion of the advance corporation tax paid.
13.Tax Period
March 31 is the standard year-end, but with the prior consent of the Revenue, an alternative date may be adopted with respect to business income only.
14.Other Matters
Payment of Tax. Salaries, wages, and certain types of contract or commission payments are subject to tax deductions at source. These deductions are credited against the final liability, which is determined when a return is filed. If there are no other sources of income, a terminal adjustment is required the following February. Provisional installments are payable during the year on other types of income, including certain investment income and income from self-employment. The installments, including the terminal adjustment, are payable in the same way as for corporations (see item 7).
Resident withholding tax is liable to be deducted from interest and dividends paid to individuals. Deductions are made at the rate of 33% for payments of dividends and at the same rate for interest payments as for resident companies (see item 7). Interest and dividends paid to an individual holding a certificate of exemption are not subject to resident withholding tax (see item 7); neither are dividends paid to the extent that imputations credits are attached (see item 28).
Controlled Foreign Corporations and Foreign Investment Funds. See item 8.Accident Rehabilitation and Compensation Insurance Earner Premium. From April 1, 1992, an accident insurance premium is payable by earners (employees and self-employed persons). Effective April 1, 1998, the current premium of 0.7% of liable earnings will increase to 0.8%. The premium is deducted at source by employers. For the self-employed, the
premium payment for the year ended March 31 is due by February 7 of the following year.
INCOME TAXES ON NONRESIDENTS
15.Liability to Tax
Foreign entities are subject to New Zealand tax on all New
Zealand-source income. Where the entity is resident in a country with which New Zealand has a tax treaty (see item 19), the entity will only be taxed on its New Zealand source income if it has a permanent establishment in New Zealand. Except for Fiji, India, Indonesia, Malaysia, the Philippines, and Singapore, a foreign entity will only be taxed on the profits attributable to the permanent establishment.
16.Rates
Nonresident corporations are taxed on their New Zealand-source income at the corporation rate of 33%, except for those categories where a special basis applies or the withholding tax is a final tax (see items 4 and 17). The New Zealand-source income of a nonresident individual, other than a mining operator,?is taxed at the same rates that apply to residents. Nonresident individuals, however, have restrictions on
their eligibility for rebates (see item 9).
17. Withholding Tax Rates
New Zealand domestic law imposes nonresident withholding tax on
designated income at the following rates:
Interest 15%
Royalties 15%
Fully imputed
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