Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

NZ scores highly for ease of paying business taxes

NZ scores highly for ease of paying business taxes

New Zealand has been ranked as one of the easiest economies in the world for business to pay taxes according to a World Bank report, Finance Minister Michael Cullen said today.

The World Bank/PricewaterhouseCoopers study ranks New Zealand as tenth out of 175 economies. Australia ranked 35th. Rankings were determined by local PricewaterhouseCoopers experts in each country.

"This is further proof of the progress this government has made in improving the competitiveness of businesses, especially with Australia," said Dr Cullen at a speech to AMP Capital Investors in Wellington this morning.

"Breaking down the ranking, the study found that New Zealand ranked eighth for the least time spent complying with tax requirements (70 hours per year). Australian businesses spend 107 hours a year complying on average.

"If we exclude a couple of tax havens and oil producers that don't need to tax to finance their spending, our ranking rises to fifth in the world.

"And since that study was published we have made some parts of the compliance simpler, such as aligning filing dates for provisional tax and GST. I expect further progress when we finalise decisions on the Business Tax Review early next year.

"We are also the first country in the world to rewrite its core income tax legislation in plain English with a new Income Tax Bill recently introduced after 15 years of deliberation. This is indeed a major achievement in making our tax laws accessible to the widest range of users.

"It is important we continue our efforts as the World Bank study found that when the tax system is less onerous, we get better infrastructure and education systems, higher investment and lower avoidance activity.

"New Zealand is already near the best in class in reducing compliance costs with a larger World Bank report on the overall ease of doing business ranking New Zealand second in the world," said Dr Cullen.

'Paying Taxes: The Global Picture,' is available at: http://www.doingbusiness.org/main/taxes.aspx

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Panic In The Pacific Over China


For years, it has been no secret that China wants closer security and trade ties with the small nations of the Pacific region. All part of Beijing’s self-image as a global superpower. To that end this week, Chinese Foreign Minister Wang Yi embarked on an unprecedented 10-day tour of the Pacific, aimed at convincing his Pacific hosts to join a cross-Pacific agreement that would let Beijing provide them with high-level police training and security, shared data co-operation and other joint services ranging from agriculture to tourism...
More>>



 
 

Covid-19: Second Vaccine Booster For The Most Vulnerable
People who are at high-risk of getting very sick from a COVID-19 infection will soon be eligible to receive a second booster, COVID-19 Response Minister Chris Hipkins said today... More>>


Crime: Govt Helps Protect Shops From Ram Raids

The Government is providing further support to help Police protect small businesses affected by a spike in ram raids, Minister of Police Poto Williams says... More>>


Government: Investment Boosts Coastal Shipping In Aotearoa
New Zealand is a step closer to a more resilient, competitive, and sustainable coastal shipping sector following the selection of preferred suppliers for new and enhanced coastal shipping services, Transport Minister Michael Wood has announced today... More>>


PM Speech: Harvard University Commencement Speech - Democracy, Disinformation And Kindness

In Te Reo Māori, the language of the indigenous people of New Zealand, I paid tribute to all of the esteemed guests who stand here in this great forest of knowledge. It is a privilege to be here, and I thank you for the honour... More>>

Government: Independent Panel Appointed To Review Electoral Law
Justice Minister Kris Faafoi today announced appointments to the independent panel that will lead a review of New Zealand’s electoral law. “This panel, appointed by an independent panel of experts... More>>


Trade: Prime Minister To Visit United States
Prime Minister Jacinda Ardern is leading a trade mission to the United States this week as part of the Government’s reconnection strategy to support export growth and the return of tourists post COVID-19... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels