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Taxpayers urge New Zealand to end tobacco tax grab

WILLINGTON: New Zealand’s Taxpayers’ Union has bemoaned the Government’s plans to increase the excise duty on tobacco by 10 percent each year until 2020, arguing that the burden disproportionately falls on lower income taxpayers and the Government is failing to provide enough funding to programs to help taxpayers cut down or quit smoking. The Union has released a new report ... Read More »

Smokers have new reason to kick the habit as tobacco tax increase rings in today

WILLINGTON: The increase is the second of four which will be repeated every year until 2020. The average packet of cigarettes will now cost around $30. Roughly 15 per cent of New Zealanders are estimated to smoke daily. Quitline is expecting the number of calls to double over the New Year period due to the price increase and people wanting ... Read More »

NZ dollar heads for 1.9 per cent gain in 2017 after December boost

WILLINGTON: The New Zealand dollar is heading for a 1.9 per cent gain against the greenback in 2017 after getting a 1 per cent boost in a holiday-shortened week as the US dollar remains on the backfoot. The kiwi traded at 70.97 US cents as at 3pm in Wellington versus 70.82 cents at 8am and 70.75 cents yesterday. Th Saudis ... Read More »

Sealord annual profit falls 19 per cent

WILLINGTON: Sealord’s annual profit fell 19 per cent largely on an impairment charge of its British based Sealord Caistor processing business, which was sold to shareholder Nippon Suisan Kaisha. Net profit fell to $18.5 million in the year ended September 30 versus $22.9m a year earlier, according to holding company Kura’s financial statements, lodged with the Companies Office. Discontinued operations ... Read More »

New Zealand faces internal threats as growth slows

WILLINGTON: For a small economy whose fortunes often rise and fall on the global tide, New Zealand’s biggest threats in 2018 may come from within. Business confidence has plummeted since the election of a center-left government, there are predictions that house prices will fall, and an unusual spell of dry weather has raised the risk of a drought. Reforms at ... Read More »

Israeli travellers sentenced in New Zealand for drug smuggling

WILLINGTON: Three Israeli men in their mid twenties have been sentenced in a New Zealand court for trying to smuggle millions of dollars worth of the drug MDMA, or ecstasy, into New Zealand in January this year. Victor Borisenko, Vladislav Pischako and Guy Shalom, were convicted for importing a Class B controlled drug and each sentenced to eight years and ... Read More »

New Zealand annual current account deficit likely to narrow further says westpac research

WILLING TON: New Zealand’s annual current deficit is expected to narrow further, with dairy export prices and volumes both stronger than they were a year earlier. However, a recent surge in imports (see below) challenges our view on how far the deficit will narrow. The country’s current account deficit narrowed slightly to 2.6 percent of GDP in the year to ... Read More »

NZ commodity exports rise to a record for a November

WILLING TON: New Zealand’s merchandise exports rose to their highest ever level for a November month as the country benefited from rising prices for dairy exports. Goods exports jumped 20 per cent to $4.6 billion in November from the period last year, the highest ever level for the month, said to Statistics New Zealand. Exports of milk powder, butter and ... Read More »

NZ dollar little changed before key NZ data dairy auction tax bill vote,

WILLINGTON: The New Zealand dollar was little changed ahead of domestic economic data and tonight’s dairy auction and as the market awaits the progress of US tax reform through the US Senate and House. The New Zealand dollar traded at 69.99 US cents as at 8am in Wellington from 70.10 cents late yesterday. The trade-weighted index slipped to 73.81 from ... Read More »

NZ dollar rises to month high amid Brexit speculation and US tax cuts

WILLINGTON: The kiwi dollar traded at 52.53 British pence as at 8am on today in Wellington, having traded as high as 52.72p in New York on Friday from 52.14p in Asia at the end of last week. At a meeting in Brussels on Friday, European Union member states agreed Britain had provided enough guarantees about its exit from the EU ... Read More »

Robertson continues Nats’ taxation by stealth

WILLINGTON: Grant Robertson will allow new benefits to rise in line with inflation while tax brackets will remain the same, pushing middle income New Zealanders into the highest bracket”, says ACT Leader David Seymour Mr Seymour has introduced an amendment to the Government’s Families Package Bill which would allow the Minister of Finance to index tax brackets to the rate ... Read More »

New Zealand dollar rises above 70 US cents

WELLINGTON: The New Zealand dollar rose above 70 US cents after the Federal Reserve hiked interest rates as expected, rounding out a busy session of American news including weaker-than-expected inflation, progress on tax cuts and a Democrat win in Alabama. The kiwi dollar gained to 70.14 US cents as at 8:15am in Wellington, the highest in almost two months, from ... Read More »

NZ forecasts rising export prices to boost seafood industry,

WELLINGTON: Rising export prices for New Zealand’s wild capture fisheries paint a positive picture for the country’s seafood industry, according to a report by the country’s Ministry for Primary Industries (MPI). “The report confirmed that export prices for wild capture fisheries such as hoki, jack mackerel, and barracouta are expected to continue to grow, driven by increased overseas demand and ... Read More »

Two officers at Serco run prison suspended over drug smuggling investigation,

WELLING TON: The head of Western Australia’s corruption watchdog has stood down two prison officers at a Serco run jail and warned more could follow in an ongoing investigation into the smuggling of drugs and other illegal items.Corruption and Crime Commission (CCC) boss John McKechnie said the investigation had discovered “disturbing information and evidence about the ease by which serious ... Read More »

New Zealand Tables Legislation To Tackle BEPS Issues,

WILLING TON: A tax bill to counter base erosion and profit shifting by multinational companies was introduced into Parliament on December 6. The Taxation (Neutralising Base Erosion and Profit Shifting) Bill contains measures to prevent multinationals from using: Artificially high interest rates on loans from related parties to shift profits out of New Zealand; Hybrid mismatch arrangements that exploit differences ... Read More »

New Zealand tax bill hits interest deduction, PEs, transfer pricing

WELLINGTON: A tax bill to counter tax avoidance by multinational companies was introduced into New Zealand’s Parliament today. The government also released its commentary on the bill, prepared by Stuart Nash, New Zealand’s Minister of Revenue. The bill includes measures to prevent multinationals from using artificially high interest rates on loans from related parties to shift profits out of New ... Read More »

NZ tourist tax needs better planning.

WELLINGTON: Wellington– Taxes collected from tourist should flow to regions which attracted the tourists to New Zealand, says tourism group. n a press release on December 4th the advocacy group Regional Tourism NZ called for “a coordinated national discussion on tourism tax”. The newly elected Labour government in New Zealand has previously campaigned on the promise of a NZD 25 ... Read More »

New Zealand’s cocaine problem blows out

  WELLINGTON: There are fears New Zealand’s cocaine problem is getting worse, as seizures of the Class A drug continue to rise. Earlier in November at least 46kg of cocaine was seized from a hidden compartment on a ship from Chile to New Zealand. Customs group manager Jamie Bamford told Newshub there has been “quite a significant increase” in cocaine ... Read More »

New Zealand house price growth at five-year low in Oct

WELLINGTON: New Zealand house values grew at their slowest pace in five years in October, with the commercial hub Auckland suffering a price decline for the first time since 2011, the government property valuer said on Thursday. Quotable Value’s (QV) residential property price index rose 3.9 percent in the 12-months ending October, compared with an annual rate of 4.3 percent ... Read More »

New Zealand unemployment at lowest level since financial crisis

WELLINGTON: New Zealand’s unemployment rate fell again in the third quarter, sliding to 4.6% from 4.8% three months earlier, to its lowest level since the global financial crisis, Statistics New Zealand said Wednesday. The South Pacific country’s jobless rate came in below the 4.7% forecast by economists surveyed by The Wall Street Journal. The unemployment rate is at its lowest ... Read More »