Category Taxation in Asia-Pacific

New Zealand to Investigate Company Registration Overhaul

January 22, 2010 Taxation in New Zealand

Beehive reflected in Government Building @ WellingtonThe New Zealand Government has announced that it will launch an investigation into the possibility of reforming the national company registration process in the wake of controversy surrounding a New Zealand company’s involvement with North Korean weapons smuggling.

Simon Power, Commerce Minister of New Zealand, issued a press release on January 21st stating that he is requesting feedback from officials and industry figures regarding whether any aspects of the New Zealand company registration process can or need to be strengthened...

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New Zealand Tax Reform Report Released

January 21, 2010 Taxation in New Zealand

Government Building @ WellingtonThe New Zealand Government initiated research group, the Tax Working Group, has released its final report cataloging numerous tax changes it considers essential for the country.

On January 20th The Tax Working Group published its widely anticipate final report, which recommends thirteen primary changes to the New Zealand tax landscape, along with identifying concerns regarding the current tax situation.

The Tax Working Group report claimed that there is a lack of coherence, integrity and fairness within the country’s tax system, saying that a too large tax obligation was placed on wage-earners, with business entities and the wealthy being able to restructure their affairs to minimize their tax burden...

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ATM Tax Fraud Case Opens in Australia

January 20, 2010 Offshore BankingTax HavensTaxation in AustraliaTaxation in Switzerland

Step 3: Select account type and enter the amount you wish to withdrawalThree Australian men are under trial for allegedly evading AUD3.7 million in taxes, which was brought back into Australia through ATM withdrawals and orchestrated through a Swiss-based accountant.

On January 18th a court case was opened concerning Daniel Aran Stoten, Adam John Hargraves and Glenn Luke Hargraves, who are alleged to have evaded nearly AUD4 million in taxes over the period of four years. The three men, who ran a phonebook publishing company, are accused of grossly overstating their business expenses and funneling off funds to offshore accounts...

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Australian State Tax Report Released

December 29, 2009 Taxation in Australia

Another Opera House PhotoThe average business in South Australia faces a higher tax burden than in any other state across the country. The conclusion is drawn by the Australian Institute of Public Affairs (IPA) in the report Business Bearing the Burden 2009
released in the last days of the passing year.

The report examined the impact of state taxes across Australia on a medium sized business. According to the report, the tax liability in South Australia was ranked as highest, despite having the lowest payroll taxes in the country. With average annual tax obligations of AUD247,437, the South Australian businessmen pay almost AUD5,000 more than their colleagues in Western Australia.

The report revealed large differences between states in the five key taxes: payroll taxes, land taxes, land transfer duties, stamp dut...

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Australian 3rd Quarter GDP Rose 0.2%

December 18, 2009 Taxation in Australia

Financial crisis will hurt jobs, Swan warnsNations across the globe are facing a period of contracting GDP figures, though Australia has reported another quarter of continued growth. The latest Australian National Account release shows that the country’s GDP figure rose by 0.2 percent during the previous quarter.

On December 16th, the Australian Bureau of Statistics (ABS) released the country’s National Account report for the September Quarter. The report figures show that the seasonally adjusted GDP figure rose by 0.2 percent compared to the June quarter, and 0.5 percent compared to the same quarter in 2008. The Australian Treasury estimates that the Government’s fiscal stimulus package added 0.4 percent to the September growth figure...

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