2017新西兰商税指南（英文版）

New Zealand Investment and Taxation Overview (2017)

Core Content

New Zealand offers a favorable investment climate with a stable political system, transparent legal framework, and a trade-oriented economy. The country is a constitutional democracy based on the British Westminster system, with the Governor-General representing the British monarch. The legal system is structured in a pyramid, with the Supreme Court as the ultimate authority.

New Zealand's economy is relatively small, with a strong reliance on primary sector exports (agriculture, forestry, fishing) and services (especially tourism). The country has systematically reduced tariffs and is committed to reducing global trade barriers. It is a member of several international organizations, including the OECD, IMF, World Bank Group, ADB, and WTO.

New Zealand has a flexible business environment, with minimal foreign investment regulations and a range of legal business structures available, including limited liability companies, limited partnerships, general partnerships, joint ventures, and trusts. The Companies Act 1993 governs the formation of companies, and the process for setting up a business is generally straightforward, though additional steps are required for non-resident directors.

The New Zealand Dollar (NZD) is the official currency. The banking sector includes registered banks and nonbank financial institutions, with the Reserve Bank of New Zealand regulating banks and the Financial Markets Authority (FMA) overseeing financial markets and services. Auckland is the main financial center.

Key Investment Considerations

Foreign Investment

• The Overseas Investment Office (OIO) manages foreign investment policies and processes applications for sensitive assets.
• Foreign investors must register with the Companies Office to establish branch operations or a wholly owned subsidiary.
• Overseas companies must reserve their exact name and provide information about their head office, directors, and constitution when registering a branch.
• No foreign exchange controls or restrictions on repatriating profits exist.

Tax Incentives

• Film industry: The New Zealand Screen Production Grant provides incentives for film production, with special deductions for film rights and production costs.
• R&D: Start-up companies can receive tax credits for R&D losses or expenditures, up to a cap of NZD 224,000 for the 2017 tax year, which increases to NZD 560,000 by 2020/21.
• Venture capital: Nonresident investors may receive exemption from income tax on gains from the sale of shares in unlisted New Zealand resident companies.
• Agriculture and forestry: Specific deductions apply for farm development, dairy farming, and forest planting expenses.
• Environmental protection: Environmental costs are deductible for tax purposes, and timing of deductions is regulated.

Taxation Framework

Business Taxation

• The main taxes include income tax (28%), withholding taxes, and goods and services tax (GST) at 15% (standard rate).
• Fringe benefits tax (FBT) applies to certain employee benefits at 43% or 49.25%.
• Social security contributions may apply, including ACC levies and KiwiSaver employer contributions (3%).
• Capital gains tax is not applicable.
• Double taxation relief is available through tax treaties.
• Tax consolidation and anti-avoidance rules (GAAR) are in place.

Residence and Taxation

• A company is resident if incorporated in New Zealand, has its head office or center of management in New Zealand, or is controlled by directors in New Zealand.
• Resident companies are taxed on worldwide income, while nonresident companies are taxed only on New Zealand-sourced income.
• Some companies may opt for look-through tax status or be taxed as portfolio investment entities.

Withholding Taxes

• Dividends: 0%, 15%, or 30% depending on the recipient's status and tax treaties.
• Interest and royalties: 15% withholding tax applies.
• Branch remittance tax: 0%.
• Nonresident contractors: 15%.
• Nondeclaration rate: 20% for companies, 30% for others.

Indirect Taxes

• GST is the primary indirect tax at 15% (standard rate), with some exemptions.
• Real estate tax: Landowners pay rates based on land value.
• Environmental taxes: Exist for pollution and resource use.
• Customs and excise duties: Apply to imported goods.
• Other taxes include stamp duty (not applicable) and capital tax (not applicable).

Compliance and Reporting

• Accounting and financial reporting requirements vary depending on the entity type.
• Large companies and FMC reporting entities must prepare and file general purpose financial statements.
• Auditing is required for large companies, FMC reporting entities, and public entities.
• The External Reporting Board (XRB) sets accounting and auditing standards in accordance with New Zealand GAAP.
• Filing deadlines are typically 7 July for resident companies, with exceptions for late balance sheet dates.
• AML/CFT Act applies to financial institutions and other reporting entities, requiring due diligence, compliance programs, and suspicious transaction reporting.

Labor Environment

• Employment is governed by common law and statute, including the Employment Relations Act 2000.
• The adult minimum wage is NZD 15.75 per hour (before tax) as of 1 April 2017.
• Foreign workers may be hired through specific work visas, including:
  • Specific purpose work visa
  • Essential skills work visa
  • Work to residence talent (accredited employer) visa
• The government encourages the use of local workers before considering foreign hires.

Taxation of Individuals

• Residence: Determined by physical presence, ties to New Zealand, and other factors.
• Taxable income: Includes income from employment, investments, and other sources.
• Withholding taxes apply to wages, interest, and other income, with rates varying.
• Social security contributions are required for certain types of employment.
• Inheritance and gift tax and net wealth tax are not applicable.
• Compliance is essential, with penalties for non-compliance.

Tax Reform and Modernization

• The Business Transformation project aims to modernize the tax system, improve compliance, and simplify processes.
• New rules and systems have been introduced for withholding tax collection, PAYE administration, and tax return filing.
• The MyGST online service was enhanced in 2017, and further reforms are expected.

Additional Notes

• Intellectual property is protected by various statutes, with no official approval required for licensing.
• Price controls are applied only in markets where competition is absent.
• Special purpose financial statements are required for smaller entities not meeting general reporting thresholds.
• Tax treaties and international agreements play a crucial role in determining tax obligations and relief for cross-border transactions.