New Zealand one of the world's simplest tax systems | Beehive.govt.nz.
Bermuda, the Cayman Islands, St Kitts and Nevis, Vanuatu, the UAE, and Antigua and Barbuda are some of the best tax-free countries in the world.
Which Are the Tax-Free States? As of 2022, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are the only states that do not levy a state income tax. Note that Washington does levy a state capital gains tax on certain high earners.
That's why they're called tax havens. These include the Bahamas, Bahrain, Cayman Islands, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates and Vanuatu. Of them all the obvious pick for an Aussie expat is Vanuatu – it's not too far from home and it doesn't have the blatant tax-dodging aroma of the Cayman Islands.
Most offshore dealings are legitimate and comply with Australian tax laws. But some people try to exploit secrecy provisions in other countries to evade paying tax in Australia.
Individuals and businesses in New Zealand must pay tax on their income. The Government also collects tax from the sale of some goods and services. Income tax — tax on what you earn —is commonly known as Pay-As-You-Earn or PAYE. Goods and Services Tax — tax on things you buy — is commonly known as GST.
On a global level, the five countries with the most complex accounting and tax systems are: Argentina, Bolivia, Greece, Brazil and Turkey, while the five least complex are: the British Virgin Islands, Denmark, Curacao, Switzerland and Hong Kong.
Supporters of the progressive system claim that higher salaries enable affluent people to pay higher taxes and that this is the fairest system because it lessens the tax burden of the poor.
There are five PAYE income tax brackets - we explain what they are, how they work and how they affect your take home pay. There are five PAYE tax brackets for the 2021-2022 tax year: 10.50%, 17.50%, 30%, 33% and 39%. Your tax bracket depends on your total taxable income. These are the rates for taxes due in April 2023.
The question is: why does the UK have the longest tax code in the world? The Hong Kong tax code, widely held by tax lawyers to be the most admirably efficient in the world, is 276 pages long. The British tax code, rapidly beginning to look like the most disingenuous in the world, is currently in excess of 17,000 pages.
Higher taxes: more services and benefits
In a nutshell, the higher tax rate in Finland guarantees services and benefits that are usually not available for free. We tend to think it increases equality and supports those who are more vulnerable or have a more difficult start in life.
Scandinavian countries provide a broader scope of public services—such as universal healthcare and higher education—than the United States. However, such programs necessitate higher levels of taxation, which is reflected in Scandinavia's relatively high tax-to-GDP ratios.
Denmark (55.9 percent), France (55.4 percent), and Austria (55 percent) had the highest top statutory personal income tax rates in Europe among OECD countries in 2022. Hungary (15 percent), Estonia (20 percent), and the Czech Republic (23 percent) had the lowest top statutory personal income top rates in Europe.
A resident individual is subject to Australian income tax on a worldwide basis, i.e. income from both Australian and foreign sources (except for certain foreign income and gains of temporary residents; see Capital gains under the Income determination section for more information).
If you're a New Zealand tax resident, you need to pay tax in New Zealand on your worldwide income, even if you did not bring the money into this country.
Yes, similar to other Australian external territories, there is no limit on the amount of duty free goods you can buy on Norfolk Island. However, when returning to mainland Australia standard duty free concessions will apply.
Australia's individuals' income tax regime is very progressive compared with other countries. Australia has relatively low average and marginal tax rates at low income levels, but relatively high marginal tax rates at high income levels.
Finland has a top tax rate of 51.6% as of 2016. In Australia, the top tax rate is 45.0% as of 2016.
Top personal income tax rates are rather high in Scandinavian countries, except in Norway. Denmark's top statutory personal income tax rate is 55.9 percent, Norway's is 38.2 percent, and Sweden's is 57.2 percent.
Income tax rates in Norway in 2023
Income tax is split into a base rate and a step tax, to allow for progressive taxation. The base rate (alminnelig inntekt) of income tax in Norway is 22%. Those who live in Finnmark or Nord-Troms will pay 18.5%.
Based on 2019 data and including state taxes, we are the eighth-lowest country in the OECD for tax collection relative to our economy's size, with tax revenue at 28% of GDP compared with the OECD average of 33%.