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Working Party On The Reorganisation Of The Income Tax Act 1976
The Working Party on the Reorganisation of the Income Tax Act 1976 was a committee appointed by the New Zealand government to advise on the appropriate reorganisation of the income tax legislation. The Working Party was set up in 1993 as a result of recommendations made by the Valabh Committee set up to review the overall income tax system. The Working Party comprised Arthur Valabh (Chair), Dame Margaret Bazley, and Sir Kenneth Keith. The Working Party issued two reports on the reorganisation of the then Income Tax Act 1976. Following on from these reports the government in 1995 established a review process for rewriting the income tax legislation, overseen by an advisory panel drawn from the private and public sectors. The Income Tax Act has since been largely rewritten in a plain English style with a radically re-organised structure, including a unique (for New Zealand) alpha-numeric section referencing system (as opposed to the more usual numeric system. It was re-enacted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Zealand
New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island country by area, covering . New Zealand is about east of Australia across the Tasman Sea and south of the islands of New Caledonia, Fiji, and Tonga. The country's varied topography and sharp mountain peaks, including the Southern Alps, owe much to tectonic uplift and volcanic eruptions. New Zealand's capital city is Wellington, and its most populous city is Auckland. The islands of New Zealand were the last large habitable land to be settled by humans. Between about 1280 and 1350, Polynesians began to settle in the islands and then developed a distinctive Māori culture. In 1642, the Dutch explorer Abel Tasman became the first European to sight and record New Zealand. In 1840, representatives of the United Kingdom and Māori chiefs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Valabh Committee
The Valabh Committee, named after its Chair Arthur Valabh, was a New Zealand government appointed committee tasked with reviewing various aspects of the income tax system in the late 1980s and early 1990s. Although originally convened to review proposals for a capital gains tax, the Committee ended up making a number of recommendations for fundamental reform of the scheme and structure of the New Zealand tax legislation, most of which were implemented. The committee had a lasting impact on the direction of tax reform, including the style and drafting of the income tax legislation, as well as numerous specific recommendations for the tax treatment of, for example, depreciation and partnerships. Committee members The formal name of the Valabh Committee was the “Consultative Committee on the Taxation of Income from Capital”. The Committee comprised: * Arthur Valabh, OBE (chair) * Dr Robin Congreve * Lindsay McKay * Rob McLeod * Tim Robinson It was supported by a secretary (G ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Margaret Bazley
Dame Margaret Clara Bazley (née Hope, born 23 January 1938) is a New Zealand public servant. She began her career as a psychiatric nurse and rose through the ranks to senior leadership positions at psychiatric hospitals and district health boards. In 1978 she became the Director of Nursing at the Department of Health, the chief nursing position in New Zealand and at that time the most senior position in the public service held by a woman, and in 1984 became the first female State Services Commissioner. She subsequently held top positions at the Department of Transport and the Department of Social Welfare. In 2012 Bazley was made an additional member of the Order of New Zealand, New Zealand's highest honour. She has continued with public sector work throughout her retirement and has a reputation for reform, transformational leadership and problem-solving. Early life and nursing career Bazley was born in Paeroa on 23 January 1938. She has said that as a child she had the ambit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth Keith
Sir Kenneth James Keith (born 19 November 1937) is a New Zealand judge. He was elected to the International Court of Justice in November 2005, serving a nine-year term during the years 2006 through 2015. Keith was educated at the Auckland Grammar School and studied law at the University of Auckland, Victoria University of Wellington, and Harvard Law School. He was a faculty member of Victoria University from 1962 to 1964 and from 1966 to 1991. He served in the New Zealand Department of External Affairs during the early 1960s, and as a member of the United Nations Secretariat from 1968 to 1970. After this, he was Director of the New Zealand Institute of International Affairs and later became President of the New Zealand Law Commission. He was also a member of the Royal Commission on the Electoral System which was key in changing New Zealand's electoral system. In 1993 he was a member of the Working Party on the Reorganisation of the Income Tax Act 1976 which was instrumental i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax Act 1976
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basis to com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ivor Richardson
Sir Ivor Lloyd Morgan Richardson (24 May 1930 – 29 December 2014) was an eminent New Zealand and Commonwealth jurist and legal writer and a member of the Judicial Committee of the Privy Council. Education He was a student at Timaru Boys' High School, Timaru, New Zealand. He graduated from Canterbury University College (now the University of Canterbury), Christchurch, in 1949 with an LL.B. degree. He went on to study at the University of Michigan in the United States, from where he graduated with an LL.M. degree and an SJD degree. Career Richardson was a partner in the Invercargill firm of Macalister Brothers from 1957 to 1963. From 1963 to 1966, he was Crown Counsel in the Crown Law Office in Wellington. He then joined the Victoria University of Wellington. He was Professor of Law, between 1967 and 1973, during which period he served as Dean of the Law Faculty from 1968 to 1971. After a period back in public practice in Wellington he was appointed as a judge in the High ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1976 In New Zealand Law
Events January * January 3 – The International Covenant on Economic, Social and Cultural Rights enters into force. * January 5 – The Pol Pot regime proclaims a new constitution for Democratic Kampuchea. * January 11 – The 1976 Philadelphia Flyers–Red Army game results in a 4–1 victory for the National Hockey League's Philadelphia Flyers over HC CSKA Moscow of the Soviet Union. * January 16 – The trial against jailed members of the Red Army Faction (the West German extreme-left militant Baader–Meinhof Group) begins in Stuttgart. * January 18 ** Full diplomatic relations are established between Bangladesh and Pakistan 5 years after the Bangladesh Liberation War. ** The Scottish Labour Party (1976), Scottish Labour Party is formed as a breakaway from the UK-wide party. ** Super Bowl X in American football: The Pittsburgh Steelers defeat the Dallas Cowboys, 21–17, in Miami. * January 21 – First commercial Concorde flight, from London to Bahrain. * January 27 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In New Zealand
Taxes in New Zealand are collected at a national level by the Inland Revenue Department (IRD) on behalf of the Government of New Zealand. 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. New Zealand went through a major program of tax reform in the 1980s. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Legislation
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner ( non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat percentage rate of taxation on personal annual income, but mos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1993 In New Zealand Law
File:1993 Events Collage.png, From left, clockwise: The Oslo I Accord is signed in an attempt to resolve the Israeli–Palestinian conflict; The Russian White House is shelled during the 1993 Russian constitutional crisis; Czechoslovakia is peacefully dissolved into the Czech Republic and Slovakia; In the United States, the ATF besieges a compound belonging to David Koresh and the Branch Davidians in a search for illegal weapons, which ends in the building being set alight and killing most inside; Eritrea gains independence; A major snow storm passes over the United States and Canada, leading to over 300 fatalities; Drug lord and narcoterrorist Pablo Escobar is killed by Colombian special forces; Ramzi Yousef and other Islamic terrorists detonate a truck bomb in the subterranean garage of the North Tower of the World Trade Center in the United States., 300x300px, thumb rect 0 0 200 200 Oslo I Accord rect 200 0 400 200 1993 Russian constitutional crisis rect 400 0 600 200 Dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
