What are the tax rates in New Zealand?

New Zealand employs a progressive tax system for individuals, where income tax rates increase as income rises. As of the latest information available, the individual tax rates are structured as follows: For income up to NZD 14,000, the tax rate is 10.5 percent. Income between NZD 14,001 and NZD 48,000 is taxed at a rate of 17.5 percent. For income between NZD 48,001 and NZD 70,000, the tax rate is 30 percent. Income between NZD 70,001 and NZD 180,000 is taxed at 33 percent, and any income exceeding NZD 180,000 is taxed at the top rate of 39 percent. It is worth noting that these rates apply to individual income and may differ for other entities such as companies or trusts. Additionally, New Zealand does not have a capital gains tax on most assets, which can be advantageous for investors. Taxpayers should also be aware that there are various credits and exemptions that may apply based on personal circumstances. For the most accurate and comprehensive information regarding tax rates and regulations, it is advisable to check the official Inland Revenue Department website.