New Zealand

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About

New Zealand

Capital
Official languages
Population
Currency

ISO 4217

Wellington

English and Māori

4.9 million

New Zealand Dollar

NZD

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Economy

"New Zealand's economy has been performing well in recent years. According to the World Bank, the country's GDP grew by 3.2% in 2019, making it one of the fastest-growing economies in the OECD. The unemployment rate in New Zealand is also low, standing at 4.2% in 2019, which is well below the OECD average of 5.7%. In addition, the country's inflation rate is relatively low, at 1.5% in 2019.

New Zealand's exports have also been strong, with exports of goods and services reaching NZ$60.3 billion in 2019. This was an increase of 4.2% from the previous year. The country's main export partners are China, Australia, the United States, and Japan.

Overall, New Zealand's economy is in a strong position and is expected to continue to grow in the coming years."

Taxation

In New Zealand, both individuals and businesses are subject to income tax. The tax system is administered by the Inland Revenue Department (IRD), which collects taxes and enforces tax laws.

For individuals, income tax is based on a progressive tax system, with different tax rates applied to different income levels. The tax year runs from 1 April to 31 March, and tax returns are due by 7 July of the following year. Most individuals have their taxes automatically deducted from their salaries through the Pay As You Earn (PAYE) system.

Businesses in New Zealand are subject to a corporate tax rate of 28%. There is also a Goods and Services Tax (GST) of 15% applied to most goods and services, which businesses are responsible for collecting and paying to the IRD. Businesses are required to file a tax return each year, which is due on either 7 July or 31 March depending on their accounting period.

The IRD provides several methods for paying taxes, including online banking, credit card, and direct debit. The due dates for tax payments depend on the type of tax and the entity involved. For example, individuals typically pay taxes throughout the year through their employer, while businesses are required to make provisional tax payments throughout the year based on their expected income.

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