NZ's V.A.T?

[Tech21]

Probably a stupid question...but what (if any) is the NZ equivalent of UK's VAT (value added thievery)?
And if there is any, what rate is it running at?

Cheers

G

[BigRod]

Here it is called 'Grab, Snatch and Take' or GST for short. Currently GST is at 12.5%

[Tech21]

Thanks for that, much appreciated.

I thought there had to be one....at least it's less than the 17.5% that we are paying in the UK at present.

Cheers

Gareth

[IanW99]

It is actually called Goods and Services Tax (GST)

It may only be 12.5% but I believe that it gets charged on more goods and services than does the UK equivalent. That said, I know that the UK government likes adding additional things that now must have VAT on them so it might now be similar?

Ian

[whiskythedog]

yes GST charged on almost everything apart from financial services products and certain specialised transactions (sale of a business as a going concern) so charged on books,food,clothing,newspapers,domestic travel,health insurance (in uk all of them are either zero rated or exempt)
may well even out overall ?
(part of my job is GST returns preparation so have some 1st hand experience)

Greg

[Nick88]

I tend to agree with Bigrod with the translation. You even pay it on food and children's clothes.