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Glossary of Tax Terms
Glossary of tax terms, particularly those used in the Tax Outturn Data.
- Company tax
- Income tax paid on the profits of resident companies, SOEs, superannuation funds and unit trusts, and New Zealand-derived profits of non-resident companies.
- Conveyancing and lease duty
- Duty paid on certain commercial property transactions (abolished 20 May 1999).
- Corporate tax
- The sum of net company tax, non-residents withholding tax (NRWT) and foreign dividend withholding payments (FDWP).
- Customs duty
- Duty levied on the imports of certain goods.
- Dividend withholding tax (DWT)
- Tax withheld on New Zealand-derived dividends paid to New Zealand residents.
- Estimates
- The Governments request for appropriations, and supporting information, is presented to the House of Representatives at Budget time in a formal document known as the main Estimates (the full title is Estimates of Annual Appropriations for the Government of New Zealand); The Estimates detail appropriations sought from Parliament by Vote Ministers for expenses, expenditure and liabilities, for all purposes including classes of outputs. The Estimates also state how output classes are linked to the outcomes the Government is seeking
- Excise duties
- Tax levied on the domestic production of alcohol, tobacco and of light petroleum products (CNG, LPG and petrol).
- Excise equivalent
- Customs duty on imports of tobacco products, alcohol and light petroleum fuels equal in value to the excise that would have been collected on the equivalent domestic production.
- Foreign dividend withholding payments (FDWP)
- Withholding payments on dividends paid to New Zealand companies from overseas.
- Fringe benefit tax (FBT)
- Tax levied on non-cash benefits provided to employees as part of remuneration packages.
- Gaming duty
- Tax paid on the net income of gaming activities (lotteries, TAB betting, gaming machines and casinos).
- Goods and services tax (GST)
- A broadly-based tax imposed on most goods and services consumed in New Zealand.
- Individuals' taxes
- The sum of source deductions, net other persons tax and fringe benefit tax.
- Net company tax
- Company tax net of refunds paid to companies, etc.
- Net other persons tax
- Other persons tax net of refunds paid to individuals.
- Non-resident withholding tax
- Tax on New Zealand-derived dividends, interest and royalties paid to non-residents.
- Non-resident withholding tax
- Tax on New Zealand-derived dividends, interest and royalties paid to non-residents.
- Other persons tax
- Tax paid mainly by individuals and trusts on income that is not withheld, or is under-withheld, at source. Typically, this is tax paid by small-business operators and investors. Terminal tax from wage and salary earners also falls into this category.
- Provisional tax
- A thrice-yearly payment of income tax on income that has not been taxed, or been under-taxed, at source.
- Resident withholding tax (RWT)
- Tax withheld on New Zealand residents' interest income.
