Tax freedom day: From today, you're working for yourself
올해 뉴질랜드의 "Tax Freedom Day"는 5월11일 오늘이고, 밀린 연간 세금(소득세 등)을 오늘까지 다 내고, 이제부터 스스로를 위해서 일을 하자는 캠페인 입니다.
Tuesday is “Tax Freedom Day” – the day on which New Zealanders have paid their annual tax bill in full and get to keep every dollar for themselves for the rest of the year.
The day falls on May 11 this year, two days earlier than it would have been in 2020 and two days later than 2019.
The day is calculated by Baker Tilly Staples Rodway and takes into account tax paid to local as well as central government against GDP.
Tax director Mike Rudd said the calculation showed the New Zealand tax take was resilient, even with the volatility of a year of lockdowns.
“It’s a strong result given Covid-19 and all the resulting uncertainty we went through.”
In April 2020, the corporate tax take was 83 per cent down year-on-year but by September provisional tax payments had increased to 41 per cent above the previous year’s.
Alcohol tax was up a fifth from August to December and petrol tax was up nearly 50 per cent in October compared to a year earlier.
In 2019, New Zealanders only had to work until May 9 to cover their total tax bill, and in 2017, it was May 8.
Rudd said the increase in days over that period was largely due to bracket creep – the fact that wages had been increasing but the tax brackets had not.
He said it was likely to be later next year and to move back further in the years following, as the Government sought to recover money borrowed to pay for its Covid-19 response.
The Government’s 39 per cent tax rate for higher-income earners and the removal of property investors’ ability to offset their interest costs against rental income would be felt to some extent.
There would also be more bracket creep because a lack of foreign workers was putting pressure on many parts of the labour market and driving up wages. Some areas were also implementing large local rates rises which would push back the date.
“Our Tax Freedom Day calculations are intended to show the real impact of New Zealand’s tax policies on Kiwis’ back pockets in comparison with our trading partners.
“What the recent calculations show is that despite a rollercoaster year, and the difficulty of predicting what’s coming next, the business subsidies and other government policies have kept the ship fairly steady.
“However, issues such as housing affordability and bracket creep have the potential to affect New Zealanders’ financial wellbeing even more over time and we look forward to seeing what measures are introduced to address these in future,” Rudd said.
Little work has been done this year on tax freedom day in other countries but in 2019 Australians calculated theirs was April 17.
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