Goods and Services Tax (New Zealand)

Goods And Services Tax (New Zealand)

Goods and Services Tax (New Zealand)

to get instant updates about 'Goods And Services Tax (New Zealand)' on your MyPage. Meet other similar minded people. Its Free!

X 

All Updates


Description:
Goods and Services Tax (GST) is a value added tax introduced in New Zealand on October 1, 1986 at 10%. It later increased to 12.5% on July 1, 1989 and was further increased to 15% on October 1, 2010.

End-users pay this tax on all liable goods and services directly, in that the purchase price of goods and services includes GST.

GST-registered organisations only pay GST on the difference between GST-liable sales and GST-liable supplies (i.e., they pay GST on the difference between what they sell and what they buy: income less expenditure). This is accomplished by reconciling GST received (through sales) and GST paid (through purchases) at regular periods (typically every 2 months, with some qualifying companies opting for 1 month or 6 month periods), then either paying the difference to Inland Revenue Department (IRD) if the GST collected on sales is higher, or receiving a refund from IRD if the GST paid on purchases is higher.

Unlike most similar taxation regimes, there are few exemptions - all types of food are taxed at the same rate, for example. Exceptions include rents collected on residential rental properties, donations and financial services.

Businesses exporting goods and services from New Zealand are entitled to "zero-rate" their products - effectively, they charge GST at zero percent. This permits the business to claim back the input GST but the eventual, non-New Zealand based consumer does not pay the tax (businesses that produce GST-exempt supplies are not...
Read More

No feeds found

All
Posting your question. Please wait!...


No updates available.
No messages found
Suggested Pages
Tell your friends >
about this page
 Create a new Page
for companies, colleges, celebrities or anything you like.Get updates on MyPage.
Create a new Page
 Find your friends
  Find friends on MyPage from