New Zealand is the second largest economy in Oceania and is ranked 14th in the world on the Human Development Index (HDI). It has the 24th highest income per capita globally and has a population of over 5 million people. New Zealand also has an Organisation for Economic Co-operation and Development (OECD) comparative price level of 111, meaning New Zealanders pay an average of 11% more (domestically) than Americans pay for the same product.
Country code (ISO 3166-1 alpha-2): NZ
Country code top-level domain (ccTLD): .nz
Currency (ISO4217): New Zealand Dollar (NZD)
World Trade Organization (WTO) Status: Member
Duty & Tax Information
The ad valorem Most Favored Nation (MFN) duty rates range from 0% to 10% with the average duty rate being 2% across the entire tariff and 6% across goods with an ad valorem rate of more than 0%. New Zealand uses the Free On Board (FOB) valuation method to calculate duty and several product categories are exempt from duty such as books and certain electronic products.
Goods and Services Tax (GST) is applied at a rate of 15% on most services and products. Some goods are exempt from GST, including but not limited to:
- Certain food & beverages
- Certain medical aids
- Personal effects
An extensive list of GST exemptions can be found on the IRD website.
GST is calculated as the sum of the value of goods, transport, insurance, duty and any additional taxes and is generally charged at the border (at the same time duty and other taxes are collected). If your business sells over $60,000 NZD worth of goods or services into New Zealand per year, you are required to register for GST and remit directly to the Inland Revenue.
An Import Entry Transaction Fee (IETF) of $29.26 NZD and a Biosecurity System Entry Levy of $26.45 NZD is collected on imports over the de minimis value of $1,000 NZD.
New Zealand also levies: a Health Promotions Agency (HPA) levy charged on alcoholic imports; a Heavy Engineering Research Association (HERA) levy on some heavy steel and welding goods; a Accident Compensation Corporation (ACC) levy and a Petroleum Engine Fuel Monitoring (PEFM) levy on certain fuels; and a Synthetic Greenhouse Gas (SGG) levy on goods containing hydrofluorocarbons (HFCs) and perfluorocarbons (PFCs).
New Zealand has a de minimis of $1,000 NZD, below which no duty or IETF is payable. GST is payable on all imports.
There are a number of goods for which import to New Zealand is prohibited or restricted. Some of these goods include:
- Flick knives
- objectionable material contained on items like videotapes, films, records, CD-ROMs and in publications
- Whale meat
- Cat skins
- Certain medicines
- Ivory in any form, including jewellery, and carvings
An extensive list of prohibited goods can be found on the customs website.