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Thursday, 24 September 2009
Good STuff - HOT GOSSIP
You hear the darndest things when you are in the provinces. We are in a secret location in the Bay of Plenty. Anyway - the gossip running throught the accountancy world is that an increase in GST is pending. - Up from 12.5 to 15 percent. We hear that some bean counters are warning businesses to get their systems ready for the increase which they think will happen pretty soon.
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5 comments:
Typicals Nats then....
Question is if GST goes up 2.5% what taxes will go down?
After all according to Bill English NZ is headed out of recession.
Correction Kate, ``if GST goes up20%.........ps would you believe that my word verification is``taking`` the signs are all bad.
Kehua
Too true, 21% really.....
Im told (from a little burdie from IRD) that GST is a very unecomnomic form of taxation due to the costs of administration. (And the NZ system is simple - just imagine the cost in places with all sorts of exeptions).
GST brings in 9billion of the total of about 62 billion of all tax. An increase in GST will offer almost zero reductions in PAYE etc.
Like CGT, GST is not a very profitable tax and the financial return for the political damage isnt worth it.
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