Tax System in New Zealand Nadeem Ahmed FM/11/009 1) Taxation in New Zealand is collected at a national level by the Inland

Revenue Department (IRD) on behalf of the Government of New Zealand. 2) National taxes are levied on personal and business income, as well as on the supply of goods and services. The tax year runs from 1st January to 31st December. 3) Personal tax years run from 1 April to 31 March 4) Types of Taxable Income: Salary and wages, business and self-employed income, income from investments, rental income, overseas income. 5) It has Double Taxation Agreements with various countries that set out which country will tax specific types of income. 6) Businesses pay income tax on their net profit earned in any specific tax year. 7) Goods and services tax (GST) is an indirect tax. It makes up 19% of the Government's core revenue. 8) Employers are liable to pay FBT on benefits given to employees in addition to their salary or wages. 9) Excise duty is charged on a number of products, including alcohol, tobacco, and some fuels.