| Goods and Services Tax Act | |
|---|---|
 | |
| New Zealand Parliament | |
| Status: Current legislation |
The Goods and Services Tax Act is an Act of Parliament passed in New Zealand in 1985.
The Act established a consumption tax in New Zealand, originally set at 10%, but subsequently raised to 15%. GST is a tax of 15% on all goods, services and other items sold or consumed in New Zealand. Individuals become liable to pay GST when their annual turnover exceeds NZ$60,000 in any 12-month period. [1]
The goods and services tax is a value added tax introduced in Canada on January 1, 1991, by the government of Prime Minister Brian Mulroney. The GST, which is administered by Canada Revenue Agency (CRA), replaced a previous hidden 13.5% manufacturers' sales tax (MST).
GST may refer to:
The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system, superannuation legislation, and other associated matters. Responsibility for the operations of the ATO are within the portfolio of the Treasurer of Australia and the Treasury.
The Australian Business Number (ABN) is a unique 11-digit identifier issued by the Australian Business Register (ABR) which is operated by the Australian Taxation Office (ATO). The ABN was introduced on 1 July 2000 by John Howard's Liberal government as part of a major tax reform, which included the introduction of a GST.
Meg Heather Lees is a former member of the Australian Senate from 1990 to 2005, representing the state of South Australia. She represented the Australian Democrats from 1990 to 2002, and was her party's leader from 1997 to 2001. After being deposed by Natasha Stott Despoja, she quit the party to sit as an independent senator in 2002, adopting the party designation Australian Progressive Alliance from 2003 until her electoral defeat in 2005. As party leader, she controversially facilitated passage of the Howard government's Goods and Services Tax (GST).
Goods and Services Tax (GST) in Australia is a value added tax of 10% on most goods and services sales, with some exemptions and concessions. GST is levied on most transactions in the production process, but is in many cases refunded to all parties in the chain of production other than the final consumer.
The 1993 Australian federal election was held to determine the members of the 37th Parliament of Australia. It was held on 13 March 1993. All 147 seats of the Australian House of Representatives and 40 seats of the 76-seat Australian Senate were up for election. The incumbent government of the centre-left Australian Labor Party led by Paul Keating, the Prime Minister of Australia, was re-elected to a fifth term, defeating the centre-right Liberal/National Coalition led by Opposition Leader John Hewson of the Liberal Party of Australia, and coalition partner Tim Fischer of the National Party of Australia. This was the first, and to date only, time the Labor Party won a fifth consecutive election.
An ad valorem tax is a tax whose amount is based on the value of a transaction or of a property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ad valorem tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event. In some countries, a stamp duty is imposed as an ad valorem tax.
Goods and Services Tax (GST) is a value-added tax or consumption tax for goods and services consumed in New Zealand.
Taxes in New Zealand are collected at a national level by the Inland Revenue Department (IRD) on behalf of the New Zealand Government. National taxes are levied on personal and business income, and on the supply of goods and services. Capital gains tax applies in limited situations, such as the sale of some rental properties within 10 years of purchase. Some "gains" such as profits on the sale of patent rights are deemed to be income – income tax does apply to property transactions in certain circumstances, particularly speculation. There are currently no land taxes, but local property taxes (rates) are managed and collected by local authorities. Some goods and services carry a specific tax, referred to as an excise or a duty, such as alcohol excise or gaming duty. These are collected by a range of government agencies such as the New Zealand Customs Service. There is no social security (payroll) tax.
Tax-free shopping (TFS) is the buying of goods in another country or state and obtaining a refund of the sales tax which has been collected by the retailer on those goods. The sales tax may be variously described as a sales tax, goods and services tax (GST), value added tax (VAT), or consumption tax.
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office. Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission.
The goods and services tax (GST) was a proposed value-added tax in Hong Kong. Consultation over a period of nine months was launched on 19 July 2006 and stirred considerable controversy.
Goods and Services Tax (GST) in Singapore is a value added tax (VAT) of 9% levied on import of goods, as well as most supplies of goods and services. Exemptions are given for the sales and leases of residential properties, importation and local supply of investment precious metals and most financial services. Export of goods and international services are zero-rated. GST is also absorbed by the government for public healthcare services, such as at public hospitals and polyclinics.
The No Goods and Services Tax Party, previously the Abolish Child Support and Family Court Party, was a minor Australian political party registered between 1997 and 2006 which fielded candidates between the 1998 and 2004 federal elections. The change of name in 2001 was largely a response to the Howard Government's implementation of the Goods and Services Tax. It polled low totals. One Nation founder David Ettridge contested the Senate in Queensland in 2001 for the party.
The Luxury Car Tax (LCT) is a tax within the Australian taxation system, collected by the Australian Taxation Office on behalf of the Government of Australia. It was introduced under A New Tax System Act 1999 by the Howard government., and commenced on 1 July 2000.
The Goods and Services Tax (GST) is an abolished value-added tax in Malaysia. GST is levied on most transactions in the production process, but is refunded with exception of Blocked Input Tax, to all parties in the chain of production other than the final consumer.
Officially known as The Constitution Act, 2016, this amendment introduced a national Goods and Services Tax (GST) in India from 1 July 2017. It was introduced as the One Hundred and Twenty Second Amendment Bill of the Constitution of India,
The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and services. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities.