News: The raise of capital gains tax will be informed in New Zealand

The government of the island country confirmed the fact that the income tax rate was raised. New Zealand’s Prime Minister, Jasinda Ardern, will announce a rate increase of 2% to 30% for legal entities.

As the New Zealand press reports, the highest executive body did not report the fact of the upcoming rate increase. However, the Labor Party MPs of New Zealand confirmed the announcement of the changes after the parliamentary hearings.

The main focus of the rate increase was on the growth of inflation indicators, as well as on the review of the tax burden on individuals and legal entities. The government also plans to reduce taxation for companies that are registered in New Zealand, but work outside of it.

Also in the draft rate hike for individuals, the government will exempt from paying income tax assets such as cars, boats, houses and art objects. For company owners, the restriction on conducting operations with other enterprises will be lifted, and their profits will not be taxed.

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