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New Zealand Company Tax Rate To Drop On April 1st,
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, April 01, 2008
An important initiative in the government’s ongoing programme to strengthen
the economy takes effect on April 1st, 2008, when the company tax rate drops to
30%, Finance Minister Michael Cullen and Revenue Minister Peter Dunne announced
on Monday.
“Reducing the company tax rate will allow successful businesses to re-invest
a greater share of their profits in new technologies and in further building-up
the skill base of employees,” Dr Cullen stated.
“We expect that lowering of the company tax rate will serve to strengthen
the competitiveness of New Zealand-based companies, and that is good for the
long-term interests of all New Zealanders,” Dunne added.
The cut to the company tax rate to 30% (from 33% previously) represents the first time
the company tax rate has been reduced in New Zealand since 1988.
Cullen said that the latest initiative is part of the Labour-led government’s
economic transformation package, which includes significant moves on depreciation
and other business tax measures announced in 2005, tax credits for R&D, and
changes to the tax treatment of savings vehicles.
The changes arise from the Business Tax Review carried out as part of the confidence
and supply agreements between Labour and UnitedFuture, and between Labour and
New Zealand First.
The Labour-led government claims to have so far cut taxes by around NZD4.5
billion (USD3.56 billion) a year, with benefits targeted at businesses, families
with children, and personal savings.
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