Like India, New Zealand has a similar policy for taxes and that is Goods and Service Tax (GST). There are few requirements and terms for filing GST in New Zealand that are as below.
Goods and Service Tax is a tax liability that is implied to all the goods and service providers that are indulging in taxable activities in New Zealand. It is also implied on most of the imported goods and some imported services. A rate of 15% is charged as GST in New Zealand.
In New Zealand, government charges GST on the supply of most of the goods and services including the following,
However, businesses that supply the items which are not registered under GST or exempted under GST, people working for salary and wages, or selling a private property occasionally do not attract GST.
It takes the following steps in order to register for GST in New Zealand as per their official website.
In New Zealand, a business or an individual can opt for cancelling its GST registration in 21 days, if they decide on not incur any taxable activities for the next 12 months.
Setting up a business is a challenge as it requires lots of documentation and a bunch of approvals from the concern Government departments, which also take a good amount of time. Unlike such scenarios, setting up a business in New Zealand is quite simple and easy. In New Zealand, there are three types of business entities that are a sole trader, partnership and limited liability companies.
To start a business in New Zealand, an individual needs to adhere to the registration process as stated below.
After setting up a business, take the following formalities into consideration:
A business in New Zealand obligates certain financial requirements like,
To know more about GST in New Zealand and related services contact Meru Accounting today!
One of our friendly executives will assist you for further requirement.
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