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Inland Revenue Restructured
The taxmans' ambitious transformation project, an unlikely project to anchor the governments' Budget infrastructure package, ramped up with the government pledging $857m in extra funding over the next four years. The scheme aims to provide a ""modern, simplified tax administration system".
Push to Reduce Transtasman Airport Holdups
Business travelers will be hoping to take advantage of a $1.6m Customs scheme designed to streamline border crossing. Hassles won't be entirely eliminated, however, but more information will be solicited before reaching our borders to enable the fast-tracking of those classified as low-risk.
The Netflix Tax
Passed earlier this month, the extension of GST to cover the purchase of goods and services offshore will kick in from October. Brought in following complaints from New Zealand retailers, much of the debate around its introduction focused on music and movie streaming and downloading services. The new tax is expected to add $30m to government coffers next year, and an additional $40m in each year following.
The budget has revamped the Ministry of Business Innovation and Employment Contestable Fund as the more concise and classical Endeavour Fund. The name-change and re-focus toward long-term "mission-led" science sees an extra $113.8m poured in over the next four years.
School Building Boom
Perhaps adding to a construction crunch in part of the country, the government has laid out plans to spend $882.5m over the next four years, the bulk in capital expenditure, on building 480 new classrooms, nine new schools, with four more to be rebuilt.