Tax laws Niue
Niue's taxation system is designed to generate revenue for the island nation, with key components including income tax, consumption tax, and international tax agreements.
1. Income Tax:
Income Tax Act 1961: This Act governs income taxation in Niue.
Tax Rates: Specific tax rates are not detailed in the available sources.
2. Consumption Tax:
Niue Consumption Tax (NCT): Introduced in 2009, the NCT is a value-added tax on goods and services consumed in Niue, modeled after New Zealand's Goods and Services Tax.
Tax Rate: The NCT is charged at a rate of 12.5%.
Implementation: The NCT came into force on 1 April 2009, with the increased revenue partially offsetting reductions in income tax and import taxes.
3. International Tax Agreements:
- Double Tax Agreements (Niue) Order 2013: This agreement facilitates the exchange of tax information between Niue and other jurisdictions, aiming to prevent tax evasion and ensure tax compliance.
4. Tax Administration:
- Niue Tax Office: Responsible for administering taxation, business licensing, and company incorporation laws, the Tax Office operates under the Ministry of Finance.
Recent Developments:
- Income Tax Amendment Bill 2016: This Bill amends the Income Tax Act 1961 to enable regulations that give effect to agreements for the exchange of tax information, including automatic exchange, between Niue and other countries. ]
Note: Tax laws and regulations are subject to change. For the most current information, it is advisable to consult the Niue Tax Office or seek professional tax advice.
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