Successfully reported this slideshow.
INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANNew ZealandEconomy in BriefSubmitted By: Talha ArfiRegistration # ...
INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANIntroduction:Population:        4,290,347 (July 2011 est.). Popula...
INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANA Note on Economy:GDP:                                      Amount...
INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANPer Capita Income:                              Amount in USD    2...
INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANMain sources of revenue:        The governments main sources of re...
INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANExports & Imports:                                               B...
INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANTaxation System:In New Zealand, personal tax years run from 1 Apri...
INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTAN6. Goods and Services Tax (GST):GST is a value added tax introduce...
INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANAmount and %:                                                     ...
Upcoming SlideShare
Loading in …5
×

Nz pdf

451 views

Published on

Published in: Economy & Finance
  • Be the first to comment

  • Be the first to like this

Nz pdf

  1. 1. INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANNew ZealandEconomy in BriefSubmitted By: Talha ArfiRegistration # 20090498Submitted to: Mr. Enver A Ferzan
  2. 2. INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANIntroduction:Population: 4,290,347 (July 2011 est.). Population gr owth rate is 0.882% (2011 est.)Area: Total: 267,710 sq kmPolitical System: Parliamentary democracy and a Commonwealth realm.Literacy Rate: Definition: Age16 and over can read and write Total population: 99% Male: 99% Female: 99%
  3. 3. INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANA Note on Economy:GDP: Amount in USD 119.5 119.2 119 118.8 118.5 118 117.5 117 116.8 116.5 116 115.5 GDP (PPP) 2008 2009 2010GDP – Real Growth Rate: Year (est.) Percentage 2010 2.1 2009 -1.7 2008 -0.2GDP- Composition by sector: Agriculture, 4.60% Industry, 24% Services, 71.40%
  4. 4. INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANPer Capita Income: Amount in USD 28600 28500 28400 28200 28000 28000 27800 27700 27600 27400 27200 Per capita Income 2008 2009 2010Tax to GDP Ratio: In % 32 31.1 31 30 29.6 29 28 26.8 27 26 25 24 2008 2009 2010 % of GDP
  5. 5. INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANMain sources of revenue: The governments main sources of revenue come from tax, levies, fees, investment income andfrom the sales of goods and services. Total core Crown revenue for the 2009/10 year was $56.2 billion.Tax revenue is the major source of core Crown revenue; this totaled $50.7 billion in the 2009/10 financialyear. $ million 2008 2009 2010 Core Crown Tax Revenue 56747 54681 50744 Core Crown Other Revenue 5072 4801 5472 Core Crown Revenue 61819 59482 56216 Crown entities, SOEs and eliminations 19660 20024 18509 Total Crown Revenue 81479 79506 74725Other Revenue: Other revenue includes other sovereign revenue (e.g, ACC Other Revenue levies), sales of goods and 30 services (e.g, postal services), 25 interest income and dividend Billions of $ 20 income. Other revenue has 15 reduced by $0.9 billion over the 10 year to $24.0 billion. 5 0 2006 2007 2008 2009 2010 Other Revenue 20.5 21 24.9 24.9 24 Billions of $
  6. 6. INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANExports & Imports: Billions of $ 35 33.24 30.24 30 23.35 23.95 25 20 15 10 5 0 2009 2010 Exports ImportsExport Commodities: Dairy products, meat, wood and wood pr oducts, fish, machinery.Import Commodities: Machiner y and equipment, vehicles and aircraft, petroleum, electr onics, textiles,plastics.Export & Import Partners: Exports - Partners Imports - Partners 25.00% 20.00% 20.00% 15.00% 15.00% 10.00% 10.00% 5.00% 5.00% 0.00% 0.00%
  7. 7. INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANTaxation System:In New Zealand, personal tax years run from 1 April to 31 March.Type of Taxes:1. Tax on New Zealand Personal Pensions:Apart from the limited tax credit afforded by the “KiwiSaver retirement savings scheme,” Contributionsto pension funds in New Zealand are not tax free. Income and lump sums residents take from NewZealand pension funds are regarded as "tax paid".2. Tax on KiwiSaver:Individuals pay income tax on the portion of their salary that they contribute to your “KiwiSaverscheme”. Employees contribute either 2%, 4% or 8% of their gross earnings. From 1 April 2009,employers are required to contribute to their employees Kiwisaver account at the minimum of 2% of theemployees gross salary or wage.3. Accident Compensation Levies (ACC):All employees must pay an ACC earners levy to cover the cost of non-work related injuries. Earners levyis charged at a flat rate which may vary for each year. For the 2008/9 income year, the rate of ACCearners levy is $1.40 per $100 for any earnings up to $102,922. For the 2009/10 income year, the rate is$1.70 per $100 for any earnings up to $106,473. For employees, the levies are collected by the employersand paid to the Inland Revenue Department as part of the PAYE payments.4. Fringe Benefits Tax (FBT):FBT is payable by employers on benefits provided to employees. The rate is up to 61% of the taxablevalue of the benefit provided, effective from 1 April 2009.5. Other Taxes on Individuals:Capital acquisitions tax – A gift duty is levied on the donor on gifted assets worth more than NZD 27,000in a 12 month period and a gift statement must be filed once the value of gifted assets in any 12-monthperiod reaches NZD 12,000. Parliament is currently reviewing whether or not to repeal the gift duty.Capital duty – NoStamp duty – NoReal property tax – NoInheritance/estate tax – NoNet wealth/net worth tax – No
  8. 8. INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTAN6. Goods and Services Tax (GST):GST is a value added tax introduced in New Zealand on October 1, 1986 at 10%. It later increased to12.5% on July 1, 1989 and was further increased to 15% on October 1, 2010.End-users pay this tax on allliable goods and services directly, in that the purchase price of goods and services includes GST.Unlike most similar taxation regimes, there are few exemptions - all types of food are taxed at the samerate, for example. Exceptions include rents collected on residential rental properties, donations andfinancial services. Businesses exporting goods and services from New Zealand are entitled to "zero-rate"their products - effectively, they charge GST at zero percent. This permits the business to claim back theinput GST but the eventual, non-New Zealand based consumer does not pay the tax (businesses thatproduce GST-exempt supplies are not able to claim back input GST.)Types of taxable income: Salary and wages Business and self-employed income Income from investments (interest, dividends etc.) Rental income Overseas income (including income from an overseas pension)Rates:Individuals: Individuals Individuals, including ACC earner’s levy NZD Rate NZD Rate 0 – 14,000 10.5% 0 – 14,000 12.54% 14,001 - 48,000 17.5% 14,001 - 48,000 19.54% 48,001 – 70,000 30% 48,001 – 70,000 32.04% Over 70,001 33% Over 70,001 35.04%Companies:New Zealand corporate tax rate is a flat 30%, which also applies to branches. Corporate tax rate isdecreasing to 28% as from 2012 income year.Complying Trusts:Income retained by the Trust is subject to the flat rate of 33%.Income distributed to beneficiaries (with 6months of balance date) is taxed at the rates for the individual beneficiaries
  9. 9. INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTANAmount and %: Millions of $ Tax Revenue 60000 50000 40000 Millions of $ 30000 20000 10000 0 Indirect Individuals Corporate Other GST Total Taxes 2009 25859 9276 2637 11551 4822 54145 2010 24391 7200 1936 11917 4903 50347References Used: Central Intelligence Agency. Retrieved from https://www.cia.gov/library/publications/the-world- factbook/geos/nz.html Wikipedia. Retrieved from http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(New_Zealand) Tax Rates. Retrieved from http://www.taxrates.cc/html/new-zealand-tax-rates.html Inland Revenue Department, New Zealand (Te Tari Taake).Retrieved from http://www.ird.govt.nz/

×