21.Sales (Value-Added) Taxes
Goods and Services Tax (GST). GST, a broadly based consumption tax on goods and services supplied in New Zealand, is chargeable by registered persons on taxable supplies at the rate of 12.5%. Registered persons are able to deduct input tax in calculating tax payable. GST applies to all goods and services supplied in New Zealand other than exempt financial services and domestic rental accommodation. Exports of goods
and certain services are zero-rated.
In addition to GST, selective taxes continue to be levied on alcoholic beverages, tobacco products, and petrol.
22.Inheritance and Gift Taxes
Gift duty at rates up to 25% is imposed on gifts during the donor lifetime in excess of an annual exemption of NZ$ 27,000. Estate duty has been abolished in respect of estates of persons who died on or after December 17, 1992. In respect of the estates of persons who died before this date, estate duty at the rate of 40% is imposed on the net value of all real and personal property in excess of a special exemption of NZ$ 450,000.
23.Taxes on Payrolls (Social Security)
Accident Rehabilitation and Compensation Insurance Employer Premium. An accident insurance premium is imposed on all employers (whether or not resident in New Zealand) for all employee earnings liable to income tax in New Zealand. This is in addition to the levy on earners (see item 14). The rates vary according to the employer industrial activity. As
an incentive to safe work environments, employers with good workplace safety records benefit from reduced premiums, while employers with poor workplace safety records are liable for further premiums.
Fringe Benefit Tax (FBT). FBT is imposed on employers at a flat rate of 49% on the taxable value of fringe benefits provided to employees or their associates. FBT applies to non-cash fringe benefits such as employer-provided cars, low-interest loans, subsidized transport, discounted or free goods or services, and other benefits,
subject to a limited range of exemptions. Where an employee is also a shareholder, any non-cash benefit derived will usually be attributed to the employment relationship and subject to FBT accordingly. FBT is a deductible expense for income tax purposes.
Specified Superannuation Contribution Withholding Tax (SSCWT). Employers who make contributions to superannuation funds for the benefit of employees are required to deduct and remit 33% by way of a withholding tax to the Revenue authorities. Employer superannuation contributions are fully deductible.
24.Taxes on Natural Resources
None.
25.Other Taxes
Stamp Duty. Stamp duty is payable only on registration of documents relating to conveyances and leases of land, excluding conveyances and leases of dwellings and associated land. The rates are up to 2%.
Approved Issuer Levy. Where a New Zealand borrower pays a 2% levy, payments of interest to a nonresident can be made without deduction of withholding tax. However, the security for the money advanced must be registered with the Revenue Authorities, the borrower, and the lender must not be associated and the money must have been advanced on or
after August 1, 1991.
COMPUTATION OF TAXABLE INCOME
26.Capital Gains
Except for the special case of assets purchased for the purpose of resale at a profit, defined categories of land transactions, and certain gains in respect of financial arrangements, capital gains are generally not taxable. In most cases, the gain is calculated as the excess of selling price over cost. There are limited exceptions in the case of land transactions relating to profits arising from rezoning, subdivision, or development of land. In these cases, allowances may be made for inflation or market value at the commencement of development, or division schemes may be the base from which taxable gains are calculated.
27.Depreciation and Depletion
A new depreciation regime applies effective from the 1993/94 income year that makes depreciation deductions a statutory requirement rather than subject to the discretion of the Commissioner of Inland Revenue.
Important features of the new regime and applicable transition provisions include:
q A comprehensive new set of tax depreciation rates determined
with reference to the actual expected economic life of assets and a transitional right to choose between old?and new?rates for assets acquired from April 1, 1993, through March 31, 1995;
q Mandatory use of old?rates for assets acquired before April 1, 1993, until such assets are sold and new?rates raised by 20% for new assets other than buildings acquired in the 1995/96 and subsequent income years;
q The right to choose between the straight-line and
diminishing-value methods of depreciation;
q An expansion of the range of depreciable assets to include
certain land improv
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