AGN Taxpresso: 2024 – Issue 2

Asia Pacific Quarterly Tax Publication

Explore the latest insights on the 2024/2025 budgets for countries in the Asia Pacific region. Richard Ashby at Gilligan Sheppard covers New Zealand, Julia Katrich at Ashfords covers Australia, and Muhammad Kamal Gohar at RASG covers Pakistan.

Read more to discover the details of each 2024/2025 budgets and download the publication for a comprehensive guide.

New Zealand:

• New threshold bands
• Changes to the rates for consequential tax types, for example:
  Fringe Benefit Tax (FBT)
  Resident Withholding Tax (RWT)
  Employer Superannuation Contribution Tax (ESCT)
• Other income related amendments:
  Independent earner tax credit (IETC)
  In-work tax credit (IWTC)
  Minimum family tax credit (MFTC)
  FamilyBoost

Australia:

• Federal Budget:
  New tax rates for individuals
  Foreign resident Capital Gains Tax (CGT) changes
• Property taxes:
  Vacant Residential Land Tax (VRLT)

Pakistan:

• Income Tax
• Sales Tax
• Federal Excise Act
• Customs Act