Taxation in New Zealand
Taxation in New Zealand refers to the system of compulsory contributions levied by the Government of New Zealand on individuals, businesses, and other entities to fund public services and infrastructure. The taxation system in New Zealand is administered by the Inland Revenue Department (IRD).
Types of Taxes[edit | edit source]
New Zealand's tax system includes several types of taxes:
Income Tax[edit | edit source]
Income tax is levied on the income of individuals and businesses. The tax rates for individuals are progressive, meaning that higher income levels are taxed at higher rates. Businesses are subject to a flat corporate tax rate.
Goods and Services Tax (GST)[edit | edit source]
The Goods and Services Tax is a value-added tax of 15% on most goods and services. It is a broad-based tax that applies to nearly all transactions, with some exceptions such as financial services and residential rent.
Fringe Benefit Tax (FBT)[edit | edit source]
Fringe Benefit Tax is levied on non-cash benefits provided by employers to employees, such as company cars and low-interest loans.
Resident Withholding Tax (RWT)[edit | edit source]
Resident Withholding Tax is deducted from interest and dividend payments made to New Zealand residents.
Non-Resident Withholding Tax (NRWT)[edit | edit source]
Non-Resident Withholding Tax is deducted from interest, dividends, and royalties paid to non-residents.
Other Taxes[edit | edit source]
Other taxes include property tax, excise taxes on specific goods like alcohol and tobacco, and environmental taxes.
Tax Administration[edit | edit source]
The Inland Revenue Department is responsible for collecting taxes, enforcing tax laws, and providing taxpayer services. The IRD also administers social policy programs such as Working for Families tax credits and KiwiSaver.
Tax Compliance[edit | edit source]
Taxpayers in New Zealand are required to file annual tax returns and pay any taxes owed. The IRD provides various online services to facilitate tax compliance, including electronic filing and payment options.
Tax Policy[edit | edit source]
Tax policy in New Zealand is shaped by the New Zealand Treasury and the Minister of Finance. The government periodically reviews and reforms the tax system to ensure it meets the needs of the economy and society.
Related Pages[edit | edit source]
- Inland Revenue Department (New Zealand)
- Goods and Services Tax (New Zealand)
- New Zealand Treasury
- Minister of Finance (New Zealand)
- Working for Families
- KiwiSaver
Categories[edit | edit source]
| Part of a series on |
| Taxation |
|---|
 |
| An aspect of fiscal policy |
|
|
 | This New Zealand–related article is a stub. You can help WikiMD by expanding it. |
Search WikiMD
Ad.Tired of being Overweight? Try W8MD's physician weight loss program.
Semaglutide (Ozempic / Wegovy and Tirzepatide (Mounjaro / Zepbound) available.
Advertise on WikiMD
|
WikiMD's Wellness Encyclopedia |
| Let Food Be Thy Medicine Medicine Thy Food - Hippocrates |
Translate this page: - East Asian
中文,
日本,
한국어,
South Asian
हिन्दी,
தமிழ்,
తెలుగు,
Urdu,
ಕನ್ನಡ,
Southeast Asian
Indonesian,
Vietnamese,
Thai,
မြန်မာဘာသာ,
বাংলা
European
español,
Deutsch,
français,
Greek,
português do Brasil,
polski,
română,
русский,
Nederlands,
norsk,
svenska,
suomi,
Italian
Middle Eastern & African
عربى,
Turkish,
Persian,
Hebrew,
Afrikaans,
isiZulu,
Kiswahili,
Other
Bulgarian,
Hungarian,
Czech,
Swedish,
മലയാളം,
मराठी,
ਪੰਜਾਬੀ,
ગુજરાતી,
Portuguese,
Ukrainian
Medical Disclaimer: WikiMD is not a substitute for professional medical advice. The information on WikiMD is provided as an information resource only, may be incorrect, outdated or misleading, and is not to be used or relied on for any diagnostic or treatment purposes. Please consult your health care provider before making any healthcare decisions or for guidance about a specific medical condition. WikiMD expressly disclaims responsibility, and shall have no liability, for any damages, loss, injury, or liability whatsoever suffered as a result of your reliance on the information contained in this site. By visiting this site you agree to the foregoing terms and conditions, which may from time to time be changed or supplemented by WikiMD. If you do not agree to the foregoing terms and conditions, you should not enter or use this site. See full disclaimer.
Credits:Most images are courtesy of Wikimedia commons, and templates Wikipedia, licensed under CC BY SA or similar.
Contributors: Prab R. Tumpati, MD
