Category Taxation in New Zealand

British Virgin Islands to Reach OECD White List

August 17, 2009 International Tax CooperationOffshore BankingTaxation in British Virgin IslandsTaxation in New Zealand  No comments

The British Virgin Islands now have the twelve Tax Information Exchange Agreement signatures required to achieve ranking on the OECD “white list” of countries.

The British Virgin Islands will soon join the ranks of 47 countries that the Organization for Economic Cooperation and Development (OECD) has deemed to have “substantially implemented the internationally agreed tax standards”. The move comes with the signing of the 12th Tax Information Exchange Agreement (TIEA) for the British Virgin Islands, the partner of which was New Zealand.

At the signing ceremony, Ralph O’Neal, Premier of the British Virgin Islands, said “The conclusion of this TIEA demonstrates the commitment of both the BVI and the New Zealand governments to the OECD principles of transparency and effective exchange...

Read More

Call for Capital Gains Tax in New Zealand

August 10, 2009 Taxation in New Zealand  No comments

The call has once again been sounded for the introduction of a Capital Gains Tax in New Zealand.

Installing a capital gains tax system could yield benefits of up to NZ$2.7 billion to the country, $1.36 billion of which will be in the form of direct tax revenue for the Government, according to Craig Elliffe, Auckland University tax policy and law professor.

Craig Elliffe said “People pay taxes because they believe other people pay taxes,” in reference to New Zealand’s current scheme of personal taxation. According to him, it is unfair that while one individual would see a tax bill of $38,000 on their $100,000 income, another would see no taxation on the equal income earned from a property sale...

Read More