Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Retail NZ Welcomes Government Commitment on GST

15 November 2017

Retail NZ Welcomes Government Commitment on GST

Retail NZ has welcomed comments by Revenue Minister the Hon. Stuart Nash that the Government will "absolutely" move to make foreign websites register for GST.

"For many years, New Zealand retailers have been disadvantaged by the fact that they have to pay tax in New Zealand while foreign websites don't, even though they compete in the New Zealand market. This is the first time that a Revenue Minister has committed to fixing this issue, and we want to congratulate Mr Nash on his leadership," Greg Harford, Retail NZ', General Manager for Public Affairs said today.

"While the timeline has yet to be finalised, we are really pleased that Minister Nash is taking the issue seriously, and we urge him to implement a GST registration requirement from 1 July 2018, in line with the Australian Government.

"GST is a key component of Government revenue streams, and a GST registration requirement will net the Government around $5.8 billion over the next 10 years. Closing the current tax loophole will also mean that New Zealand businesses are no longer disadvantaged by Government tax policy.

"The issue is becoming more pressing as online shopping grows in popularity, and as Amazon is about to move into Australia. It's just not right that Kiwi businesses that employ New Zealanders and keep our communities vibrant are taxed, while massive foreign corporations don't pay their share of tax for doing business here."


ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Ongoing Monetary Tightening
The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 3 percent from 2.5 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions... More>>



Statistics: Weekly Earnings Rise As More In Full-time Employment

Median weekly earnings from wages and salaries rose by 8.8 percent to $1,189 in the year to the June 2022 quarter, Stats NZ said today... More>>



Bell Gully: Uncertainty Ahead With New Unconscionable Conduct Legislation

new prohibition against ‘unconscionable conduct’ in trade is one of a number of changes to the Fair Trading Act 1986 that come into force from 16 August 2022. The new prohibition may have wide-ranging implications for many businesses... More>>


Electricity Authority: Imposes Interim Restrictions On Very Large Electricity Contracts

Consumers of electricity will be protected from potentially paying more than they should due to the impact of very large electricity contracts on wholesale prices, under urgent changes announced today by the Electricity Authority... More>>


Westpac: Economic Overview, August 2022 – Pushing Through

The New Zealand economy faces some lean growth in the year ahead as households’ budgets are squeezed, according to Westpac’s latest Economic Overview... More>>


Kiwi Group Holdings: Fisher Funds Acquires Kiwi Wealth Business

Kiwi Group Holdings Limited (KGHL) today announced the sale of Kiwi Wealth to Fisher Funds for NZ$310 million... More>>