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New Zealand

Country: New Zealand

Region: South Pacific

Currency: New Zealand dollar

Language: English

Time Zone: (GMT+13)

Phone Code: +64

Communications: Excellent

 

New Zealand is a very business friendly country with strong professional services, common law and good company law and has a sound and fair tax system, in particular as it relates to taxation of offshore assets in relation to foreign trusts. For the second year in a row, New Zealand has claimed top spot in the World Bank Doing Business 2018 report for ease of doing business, ahead of 190 other economies. New Zealand is a wealthy Pacific nation dominated by two cultural groups: New Zealanders of European descent; and the Maori, the descendants of Polynesian settlers.

It is made up of two main islands and numerous smaller ones. Around three-quarters of the population lives on the North Island, which is also home to the capital, Wellington. 

Agriculture is the economic mainstay, but manufacturing and tourism are important. Visitors are drawn to the glacier-carved mountains, lakes, beaches and thermal springs. Because of the islands' geographical isolation, much of the flora and fauna is unique to the country.

Tax rates

 

New Zealand's top personal tax rate is 33% for income over NZ$70,000. At the other end of the scale, the tax rate is 10.5% on income up to $14,000. Companies and corporates are taxed at a flat rate of 28%.

 

Vehicle types:

Sole trader, partnerships, private companies, look-through companies (LTC) and

public listed companies

 

Capital City:

Wellington

 

Largest city and primary business district:

Auckland

 

Good relationships

Australia, south pacific nations

 

Bad relationships:

North Korea, Iran, Mali, South Sudan, Central African Republic,

Yemen, Guinea-Bissau, Libya, Eritrea, Lebanon, ISIL (Da’esh), Al- Qaida and the Taliban , Democratic Republic of the Congo, Sudan, Somalia, Iraq

 

Tax burden – Business

Medium

 

Tax burden – Individual

Medium

 

Sales and service tax:

GST 15%

 

Treaty Jurisdictions:

New Zealand has DTAs and protocols in force with:

Australia, Austria, Belgium, Canada, Chile, China, Czech Republic, Denmark, Fiji, Finland, France, Germany, Hong Kong(China), India, Indonesia, Ireland, Italy, Japan, Korea, Malaysia, Mexico, Netherlands, Norway, Papua New Guinea, Philippines, Poland, Russian Federation, Samoa, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, United Kingdom, United States of America, Viet Nam

 

New Zealand has TIEAs in force with:

Anguilla, Bahamas, British Virgin Islands, Cayman Islands, Cook Islands, Curaçao, Dominica, Gibraltar, Guernsey, Isle of Man, Jersey, Marshall Islands, Netherlands Antilles, Niue, Saint Vincent and the Grenadines, San Marino, Sint Maarten, Turks and Caicos Islands, Vanuatu

 

Tax Administration (Reportable Jurisdictions for Application of CRS Standard)

Andorra, Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hong Kong (China), Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Mauritius, Mexico, Monaco, Netherlands, Norway, Poland, Portugal, Russian Federation, San Marino, Saudi Arabia, Seychelles, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, United Kingdom, Uruguay

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