NZ tax experts to present and reflect upon 35 years of GST in New Zealand at international seminar articles
12 Nov 2021
India implemented its Goods and Services Tax (GST) on 17 July 2017 with its tax structure divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%. India has a complex tax system that is still evolving, with different states having different views on GST.
Comparatively, GST was first introduced in New Zealand in 1986 at a standardised rate of 10% , which has risen to 15% over a span of 35 years.
According to Professor K J Joseph PhD, Director of the Gulati Institute of Finance and Taxation (GIFT):
“…the (GST) system is still evolving and for many stakeholders, GST belied their expectations. The key stakeholders such as state governments, the business community, the unorganised and informal sector, the consumers, and the economy, have expressed discontent in GST implementation.
Currently, our focus is to understand the issues involved and help make the necessary changes. In this context we felt much could be learned from the experience of other countries.”
To further the narrative, GIFT – backed by the Kerala Government in India – will be hosting an international seminar on Goods and Service Tax (GST) from 12th – 13th November 2021.
This seminar will feature panels from Indian finance ministers, experts from other countries that have implemented GST, financial experts from India, and scholars and advisors presenting research papers upon the subject of Indian taxation.
With a view to learn from the experience of other countries, GIFT is hosting a special panel on “Cross Country Experience with GST” to learn from the experience of other countries and has invited representatives of Stace Hammond to be panellists. Managing Partner, Patrick Wilson, and Senior Tax Counsel, Dave Ananth from the law firm will be presenting “GST: 35 years of NZ experience and counting“ followed by a question and answer session.
Ananth has vast experience with GST systems in both Malaysia and New Zealand. He sought to advocate the New Zealand GST structure during his term as Director at Ernst & Young, Malaysia advising the Malaysian government on their new taxation system. Now anchored with Stace Hammond Lawyers in Auckland, Ananth practices in a highly specialised field of taxation, encompassing negotiations with IRD, tax structures, international tax obligations, and double tax agreements.
Wilson has wide experience in the corporate, commercial, and finance sectors both in New Zealand and overseas including the USA. Wilson specialises in structured finance, securitisation and factoring, mezzanine finance options, managed funds and various tax effective mixed income/capital instruments.
Please follow the link to view video recordings of the conference – tinyurl.com/yxuf9n5t
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