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Tax

IMF Message As Budget Draws Near

As Finance Minister Michael Cullen prepares to deliver his ninth budget tomorrow an International Monetary Fund report (IMF) has warned of the need to keep inflationary pressures in check and restrain government spending.

NZ First Call For Reduced GST And For A Tax Free Threshold

New Zealand First is calling for a tax free threshold for up to $5200 to be set and for GST to be reduced to 10 percent over three years.

Cullen Drops A Hint Over Tax Cuts Package

Political jousting and more hints over tax cuts continued in Parliament today ahead of Thursday's budget.

Tax Cuts Promises Of 2005 'Credible' Under Today's Conditions

National leader John Key believes tax cuts of the magnitude it promised in 2005 are credible under today's economic conditions.

National Holds Off On Tax Policy

National leader John Key says his party is not announcing its tax policy yet -- but if it follows the outline of its 2005 policy people on the average wage could expect tax cuts of about $40 a week.

Tax Cuts Debate Heats Up Before Budget

This election year size does matter as party leaders jostle for position on tax cuts. Finance Minister Michael Cullen has repeatedly dampened down expectations about the size of cuts his party will deliver in Thursday's budget.

$50 A Week Tax Cuts 'reckless' Without Look Into Books

National leader John Key was being reckless because he did not know whether his promise of tax cuts "north of $50" were affordable, Finance Minister Michael Cullen said today. Mr Key has told The Dominion Post that National intended to offer "meaningful" relief by way of tax cuts.

Cullen Says Budget Will Provide Economic Tonic

Next week's budget will deliver a mix of mild tax relief with investment and social spending as a tonic for the economic chills, Finance Minister Michael Cullen said today.

Cullen Reveals What Isn't In The Budget

Finance Minister Michael Cullen won't reveal details of the tax cuts in his May 22 budget but he has ruled out some of the options. Those are a tax-free income threshold and cuts to GST, he told the Institute of Chartered Accountants yesterday.

No Tax-free Income, No GST Cut In Budget

The upcoming budget will deliver some tax cuts for all, but those hoping for a "big bang" will be disappointed, Finance Minister Michael Cullen said today

PM Rules Out GST Relief

Prime Minister Helen Clark says tax cuts to be announced in next month's budget will deliver timely relief for families, and she doesn't think GST will be removed on food.

GST Unlikely To Be Removed, Tax Cuts Will Help Families - Clark

Wellington, April 28 NZPA - Prime Minister Helen Clark says tax cuts to be announced in next month's budget will deliver timely relief for families, and she doesn't think GST will be removed on food.

Discussion Document On Tax Splitting Released

A government discussion document seeking views on the idea of allowing families with children to split their income for tax purposes, to reduce their tax bill, was released today.

370,000 Families Getting Working For Families Tax Credits

The Government spent about $2.2 billion on Working for Families tax credits in the year ending in March and more than 370,000 families are claiming the benefits.

Working For Families Scheme Exceeds Target

The Government's Working for Families tax credit scheme has exceeded its original target a year ahead of schedule. "It's making a big difference for low and middle-income families with children," Prime Minister Helen Clark said yesterday.

370,000 Families Getting Working For Families Tax Credits

The Government spent about $2.2 billion on Working for Families tax credits in the year ending in March and more than 370,000 families are claiming the benefits.

No Early Tax Cuts, Indicates Cullen

Finance Minister Michael Cullen has given a strong indication that the Government's tax cuts won't start until April next year.

Changes To Charitable Donations

A system to allow people to donate to charities straight from their pay will start next year. Finance Minister Michael Cullen and Revenue Minister Peter Dunne today confirmed the Government would proceed with the voluntary payroll giving system.

Next Round Of National v Labour Tax Cut Competition

National leader John Key today said his party was not committed to outbidding Labour on tax cuts but thought it highly unlikely Labour would offer more. His comments were jumped on by Labour as a flip flop.

Growth In Social Spending Will Slow Tax Cuts - Cullen

Finance Minister Michael Cullen today said that tax cuts would mean a reduction in the growth of spending on social services.

National Questions Government Budget Position

National today questioned whether Labour's budget next month would be affected by a below forecast surplus. Last week Treasury reported that the government's operating financial balance improved in February but was still well below forecast.

Cullen Signals No Change In Top Tax Rate

Finance Minister Michael Cullen indicated in Parliament today that the tax cuts he will announce in the May 22 Budget won't include a reduction in the top rate. After a grilling yesterday, Dr Cullen again faced probing questions from opposition MPs about his intentions.

Reading Cullen's Budget Smoke Signals Well Underway

Wellington, April 2 NZPA - The annual political ritual of trying to interpret the smoke signals ahead of next month's budget has begun in earnest. The Dominion Post and The New Zealand Herald today both highlighted Dr Cullen's use of the word "significant" when

Business Tax Cuts And R&D Support Come Into Play

Wellington, March 31 NZPA - A promised drop in the company tax rate and a new 15 percent tax credit on research and development for businesses take effect from tomorrow (April 1). The tax rate drops to 30 percent from 33 percent, the first company tax cut in New Zealand since 1988.

Govt To Plug Tax Loophole As Stapled Securities Attract Interest

Wellington, Feb 22 NZPA - The Government today moved to plug a tax loophole involving stapled stock instruments, such as those being offered for Auckland's international airport. Stapled securities are not common in New Zealand, but are increasingly used in Australia.

NZ 13th Most Taxed Nation in OECD

Wellington, Oct 18 NZPA - New Zealand is the 13th most taxed country of 30 in the OECD, a new survey by the Paris-based organisation shows. New Zealand tax gatherers hoover up 38 percent of GDP (gross domestic product).

New Zealanders Want Tax Cuts But Not At The Cost Of Social Services

Wellington, Oct 5 NZPA - Listen up Michael Cullen - nearly eight out of every ten New Zealanders want a personal tax cut, according to research commissioned by the New Zealand Business Council for Sustainable Development. But there was some respite for the finance minister who has held

Companies Abusing PIE Rules to Avoid Tax: Govt

Wellington, Sept 5 NZPA - The Government is moving to close a loophole which it says enables land-owning companies to abuse new investment rules to avoid tax . Changes to the PIE (portfolio investment entity) rules introduced last year, will come into force in October.

Tax Freedom Day Today, Or in June, Depending On Who's Counting

Wellington, April 30 NZPA - New Zealanders could be working as much as a week longer to pay off all their taxes this year than they did in 2006.

Property Funds, Accountants Welcome Tax Moves

Wellington, Dec 13 NZPA - Listed property trust and tax consultants welcomed changes or mooted changes to the tax system, saying they would level the playing field for investors and companies offshore.

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