New Zealand is located in the southwestern Pacific Ocean and consists of the North Island (Te Ika-a-Māui) and the South Island (Te Waipounamu), as well as over 700 smaller islands. New Zealand has a territory of 268,021 square kilometers. New Zealand borders Australia and has access to the Tasman Sea, as well as to the Pacific Ocean and Southern Ocean. The capital city of New Zealand is Wellington, the location of key government institutions. New Zealand has a population of 5,2 million people.
Corporate taxation, VAT taxation, Personal taxation
- Corporate income tax - 28%
- Dividend withholding tax - Standard tax rate 30%, tax rate 15% for cash dividends and 0% for dividends paid to recipients that have a share of at least 10% in a company
- Interest withholding tax - Standard tax rate 15%
- Royalties withholding tax - 15%
- Capital gains tax - 0% except capital gains from certain real and personal property transactions
- GST - Standard tax rate 15% or reduced rates of 0% and 9% or tax exempt
- Personal income tax - from 10.5% up to 33%.
The following are the most common types of companies to incorporate a company in New Zealand as:
- Limited liability company
- Public company
- Unlimited company
- Cooperative company
- General partnership
- Limited partnership
- Branch office.
Official currency of New Zealand is New Zealand dollar (NZD).
New Zealand has a highly developed free market economy. New Zealand has one of the most globalised economies and depends significantly on international trade. Manufacturing industry in New Zealand consists of aluminum production, food processing, metal fabrication, wood and paper production.
In terms of foreign trade the largest exports of the country are food products: dairy products, eggs, natural honey, meat, fruit, nuts, beverages, spirits, vinegar. In addition New Zealand also exports wood products.
Imports of New Zealand consist of energy, petroleum, oil, natural gas, electrical machinery and equipment, cars and vehicles, transmission apparatus, electric conductors, consumer goods, medicaments, organic chemicals, chemical products.
Primary trading partners of New Zealand are Australia, USA, Japan, China, South Korea, the United Kingdom, Hong Kong, Singapore, Indonesia, Thailand, Malaysia, the United Arab Emirates, Germany.
The GDP of New Zealand grew by 5% in 2021 and amounted to USD 250 billion. Tertiary sector makes up 70% of the GDP of the country, followed by industry sector at 21.5% and agriculture at 6%.