Tax Freedom Day Falls in New Zealand
May 26, 2016 Taxation in New Zealand
WELLINGTON – From today onwards, New Zealanders will be earning wages for themselves, instead of covering their tax obligations.
Tax Freedom Day in New Zealand fall today, May 26th, according to research recently released by a New Zealand advocacy group Tax Payers’ Union.
The Taxpayers’ Union claimed that the general government total outlays of the New Zealand government are currently at 40 percent, meaning that Tax Freedom Day will fall at 11:12am on May 26th.
The Taxpayer’s Union suggested that the tax burden faced by New Zealanders has risen over time, as “…thanks to income tax thresholds not adjusting for inflation the average Kiwi household now pays more than $1,000 more in taxes than they did in 2010.”
It was noted that Tax Freedom Day in New Zealand in 2016 falls 15 days after Australia, and 3 days after Canada.
Tax Freedom Day is a hypothetical measure of how long a taxpayer would need to work over the course of a year in order to earn enough to pay for their tax obligations for the year.
Photo By: Ari Bakker