2016新西兰商税指南（英文版）_26页_543kb

Summary of Taxation and Investment in New Zealand (2016)

Core Content

New Zealand is a constitutional democracy with a Westminster system, where the Governor-General represents the British monarch. The country has a relatively small economy, heavily reliant on primary sector exports such as dairy, meat, wood, fruit, and vegetables, which account for over 50% of export earnings. The service sector contributes two-thirds of GDP, with tourism being a significant export revenue source. New Zealand is committed to reducing trade barriers and has negotiated free trade agreements with several countries, including Australia, China, the US, Japan, and Korea.

Investment Climate

• Business Environment: New Zealand has a well-defined legal system with the Supreme Court as the highest authority. The country promotes a competitive market, with minimal foreign investment regulations.
• Foreign Investment: The Overseas Investment Office (OIO) manages foreign investment in sensitive assets. Applications are evaluated based on business experience, financial commitment, good character, and absence of ineligible individuals.
• Business Entities: Common forms include limited liability companies, limited partnerships, general partnerships, joint ventures, and trusts. The Companies Act 1993 governs company formation, with no minimum capital requirements.
• Registration Requirements: Companies must reserve names, provide director and shareholder details, and file within 10 business days of commencing operations. Branches of foreign corporations must register with the Companies Office and provide details about the head office.
• Tax Incentives:
  • Film Industry: The Screen Production Grant offers financial incentives for film productions.
  • R&D: Start-up companies can receive a tax credit of up to 28% of their net tax loss, total R&D expenditure, or 1.5 times their R&D labor cost, capped at NZD 140,000 in 2016.
  • Venture Capital: Gains from the sale of shares by nonresident investors are exempt.
  • Agriculture and Forestry: Specific deductions apply to farm development, aircraft expenses, and forest planting.
  • Environmental Protection: Environmental costs are considered in taxable income calculations.

Taxation Overview

New Zealand's main taxes include:

• Income Tax: 28% for resident and branch companies.
• Withholding Taxes: Vary by type (e.g., 15% on interest, royalties; 33% on dividends for residents).
• Goods and Services Tax (GST): 15% standard rate, 0% for some services.
• Fringe Benefits Tax (FBT): 43% or 49.25% depending on the type of benefit.
• No Capital Gains Tax or Stamp Duty: However, real estate tax applies to land ownership.

Corporate Residence and Taxable Income

• A company is considered a resident if it is incorporated in New Zealand, has its head office there, or is controlled by directors in New Zealand.
• Resident companies are taxed on worldwide income, while nonresident companies are taxed only on income sourced in New Zealand.
• Taxable income is calculated by subtracting deductions and available tax losses from gross income. Assessable income includes sales, services, dividends, interest, and royalties.

Tax Compliance and Reporting

• Accounting and Filing Requirements: Financial reporting standards are set by the External Reporting Board (XRB), and entities must prepare general purpose financial statements if they meet size thresholds.
• Auditing: Large companies, FMC reporting entities, and public entities must be audited. Smaller entities may opt out unless required by shareholders.
• Filing Deadlines: FMC reporting entities must file within four months of the balance sheet date, large overseas companies within five months, and public entities according to specific legislation.
• AML/CFT Act: Financial institutions and certain nonfinancial businesses must implement anti-money laundering and counter-terrorism financing measures.

Labor and Immigration

• Employment is governed by both common law and statute, including minimum wage laws and health and safety regulations.
• The adult minimum wage is NZD 15.25 per hour as of 1 April 2016.
• Foreign workers can be hired via specific work visas, with preference given to New Zealand residents before considering overseas candidates.

Currency and Financial Sector

• The official currency is the New Zealand Dollar (NZD).
• The financial sector includes registered banks and nonbank financial institutions, with the Reserve Bank of New Zealand overseeing bank registration.
• The Financial Markets Authority (FMA) regulates financial markets and securities exchanges, ensuring fair and transparent practices.

Exchange Controls

• New Zealand has no foreign exchange controls or restrictions on fund movement, allowing for free repatriation of profits.

Conclusion

New Zealand offers a stable, transparent, and relatively open investment environment with a well-structured legal and financial framework. The country's tax system is designed to support business growth through incentives and a clear set of rules, while also ensuring compliance with international standards and anti-avoidance measures. The regulatory environment is supportive of foreign investment but requires adherence to specific criteria and reporting obligations.