The Icelandic Government gave final approval to tax reforms and announced that the implementation of the new system will begin January 1st, 2010. Initial tax reforms plans were announced on June 18th 2009, which consisted of restructuring of personal taxes from the current flat-rate to a three tier system, along with increases in capital gains, VAT and tax-free exemptions. Beginning in 2010 Iceland will replace its lat-rate personal tax rate of 24.1% with a three tiered system. Those earning less than ISK200,000 ... Read More

Comments made by the New Zealand Prime Minister has effectively put an end to discussion surrounding the introduction of a Capital Gains Tax in New Zealand. In a statement made on the 14th of September, John Key, New Zealand Prime Minister, cast serious doubt on the idea of introducing a capital gains tax in New Zealand. The Prime Minister had previously been hesitant to rule out a capital gains tax, so as not to limit the process of the Tax Working Group. ... Read More

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 ... Read More