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Retail NZ back 'Amazon tax' for international GST

  • News
  • February 5, 2018
Retail NZ back 'Amazon tax' for international GST

A new ‘Amazon tax’ bill proposed by previous National government could see international goods being taxed by the end of 2019.

This tax would cut out the ‘loop hole’ on internet shopping which allows international retailers to sell into New Zealand without paying GST.

A Cabinet paper created by former National government suggest that international firms should become responsible for levying GST on items worth less an $1000 that they sold into the country.

New Zealand retailers will no doubt back the bill as to level the playing field between international competition, even though it is estimated that $42 million from the tax payer in the first year would go straight to the government.

The bill is yet to be passed, as it was put on the back burner by National in September during the elections. Greg Harford, general manager of public affairs for Retail NZ, has said it abut time the unfair advantage is leveled.

“At present, the government actively disadvantages Kiwi retailers by making them pay 15 percent GST on sales. Foreign ‘etailers’ are not required to do so, which gives them a price advantage when selling to New Zealanders.”

Harford expresses the economic benefits of including an ‘Amazon tax’, ranging from an expected collection of $200 million in the first year and at least $5.8 billion in tax revenue over the next ten years.

“We are now the only country with a GST or VAT consumption tax that retains a high de minimis threshold, and we are therefore the only country which continues to confer significant tax and price benefits on foreign retailers at the expense of domestic business.”

NZ Retail says that if GST were pre-paid on these items by the supplier, around 390,000 parcels would no longer need to be assessed for GST as they entre the country.

“It is not suitable for the government to continue to turn a blind eye to global companies doing business here without paying their share of tax,” says Harford.

“Retail NZ strongly supports ‘efairness’ and has been campaigning for a number of years to have the government level the playing field for GST.”

Harford says NZ Retail would like to see the decision announced as part of this year’s budget. The proposed bill at the moment has an aim date of October 2019.

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Kiwi Property makes $138m net profit for the year

  • News
  • May 21, 2019
  • Radio New Zealand
Kiwi Property makes $138m net profit for the year

Kiwi Property has reported a strong full year underlying profit, as it continues to reinvest in its Auckland retail and office properties.

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Thankyou’s latest campaign combines scent and charity work

  • News
  • May 21, 2019
  • StopPress Team
Thankyou’s latest campaign combines scent and charity work

Australian charity product organisation Thankyou has launched its latest Kiwi campaign, combining that fact that 100 percent of its profit goes towards helping end global poverty with its use of perfume-grade botanical oils in its products.

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From edible insects to beautiful homeware: Made of Tomorrow’s co-founder talks its new venture

  • Design
  • May 21, 2019
  • Idealog
From edible insects to beautiful homeware: Made of Tomorrow’s co-founder talks its new venture

Most people would be in agreement that bugs, planters and room dividers don’t have much in common, but Matt Genefaas and Dan Craig would beg to differ. The two juggle running an edible insect company, Crawlers, as well as a homeware company, Made of Tomorrow. Genefaas has a chat about what the new furniture range, Space Between, was inspired by, as well as how him and Craig spend their days in slashie roles moving between pushing dried insects to the world, as well as polished mirrors and space dividers.

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Zavy and The Register have worked together to create a scoreboard that compares how the top 25 traditional media advertising spenders in New Zealand have performed on social media over the past 30 days, updated in real time.

 
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Why is the next generation so anxious? Here's how young founders can avoid burn-out

  • Opinion
  • May 21, 2019
  • Jennifer Young
Why is the next generation so anxious? Here's how young founders can avoid burn-out

There may be good reason to be concerned about our young entrepreneurs. Millennials and Generation Z have been labelled generation burn-out, generation snowflake and described as narcissistic, entitled, tech-dependent and fragile. They’re also oversaturated with headlines about the raft of issues like climate change they have to tackle, plus concerns about the impact of technology and social media on their mental health. Jennifer Young explores possible reasons why the younger generation is so anxious, as well as what young founders can do to avoid burn-out.

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Vodafone NZ sold to private investors for $3.4b

  • News
  • May 21, 2019
  • Radio New Zealand
Vodafone NZ sold to private investors for $3.4b

Infrastructure investor Infratil is teaming up with a Canadian investment firm to buy the local operations of Vodafone for $3.4 billion.

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Readings present revised plan for Courtenay Central

  • Property
  • May 16, 2019
  • Radio New Zealand
Readings present revised plan for Courtenay Central

The company that owns Courtenay Central in Wellington says it has big plans for redeveloping the complex - which is closed due to earthquake risks.

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