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Home News

New Zealand mulls law on social media

The Matters Press by The Matters Press
February 18, 2019
Reading Time: 1 min read
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Prime Minister Jacinda Ardern said the cabinet had agreed to issue a discussion document about how to update the country’s tax framework to ensure multinational companies pay their fair share

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“Our current tax system is not fair in the way it treats individual tax payers, and how it treats multinationals,” Ardern told reporters at her weekly post-cabinet news conference

Highly digitalized companies, such as those offering social media networks, trading platforms, and online advertising, currently earn a significant income from New Zealand consumers without being liable for income tax, the government said in a statement released after the announcement.

The value of cross-border digital services in New Zealand is estimated to be around NZ2.7 billion dollars (1.86 billion dollars).

The revenue estimate for a digital services tax is between NZ30 million dollars and NZ80 million dollars, Finance Minister Grant Robertson said in the statement.

Digital services taxes (DST) are generally charged at a flat rate of two to three percent on the gross revenue earned by a multinational company in that country.

A number of countries including the U.K, Spain, Italy, France, Austria and India have enacted or announced plans for a DST. The EU and Australia are also consulting on a DST.

Officials will now finalize the New Zealand discussion document on the matter, which is likely to be publicly released by May 2019.

Tags: New Zealand
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