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comparing tax in italy with new zealand

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ItalyNew ZealandDifference in New Zealand
Gross Income 35,098.68 EUR / 30,000.00 GBP 62,909.01 NZD / 30,000.00 GBP - 0.00 GBP
Tax Due 10,819.64 EUR / 9,247.90 GBP 12,767.14 NZD / 6,088.38 GBP - 3,159.52 GBP
Net Income 24,279.04 EUR / 20,752.10 GBP 50,141.87 NZD / 23,911.62 GBP + 3,159.52 GBP
Overall Tax Rate 30.8 % 20.3 % - 10.50 %.

Figures based upon 1 EUR = 0.854733 GBP.

Figures based upon 1 NZD = 0.47687923 GBP.

In Italy, an income of 35,098.68 EUR / 30,000.00 GBP is more than the lowest average advertised salary of 10,200.00 EUR / 8,718.28 GBP and more than the country's average income of 30,000.00 EUR / 25,641.99 GBP.

In New Zealand, an income of 62,909.01 NZD / 30,000.00 GBP is more than the lowest average advertised salary of 25,000.00 NZD / 11,921.98 GBP and more than the country's average income of 62,200.00 NZD / 29,661.89 GBP.

Here are how much some common purchases cost in Italy vs New Zealand:

ItalyNew ZealandDifference in New Zealand
Water Bottle (1.5L) 0.40 EUR / 0.34 GBP 1.84 NZD / 0.88 GBP + 0.54 GBP
Milk Bottle (1L) 1.12 EUR / 0.96 GBP 2.68 NZD / 1.28 GBP + 0.32 GBP
Pint of Beer 4.50 EUR / 3.85 GBP 8.00 NZD / 3.82 GBP - 0.03 GBP
Bread (500g) 1.53 EUR / 1.31 GBP 2.21 NZD / 1.05 GBP - 0.26 GBP
Chicken Breasts (1kg) 8.20 EUR / 7.01 GBP 12.45 NZD / 5.94 GBP - 1.07 GBP
Petrol UK Gallon 7.00 EUR / 5.98 GBP 10.00 NZD / 4.77 GBP - 1.21 GBP
Volkswagen Golf or Equivalent 20,350.00 EUR / 17,393.82 GBP 34,990.00 NZD / 16,686.00 GBP - 707.82 GBP
Broadband Internet Monthly 27.60 EUR / 23.59 GBP 84.49 NZD / 40.29 GBP + 16.70 GBP
Rent One Bedroom Apt. In City (Monthly) 596.98 EUR / 510.26 GBP 1,478.20 NZD / 704.92 GBP + 194.66 GBP
Purchase One Bedroom Apt. In City 118,913.20 EUR / 101,639.04 GBP 235,337.90 NZD / 112,227.76 GBP + 10,588.72 GBP

Part of Europe, Italy covers an area of 294,137 square kilometers.

Italy has a Gross Domestic Product (PPP) of 2,220.58 ($ Billion) from a population of 59,797,978.

A progressive tax system spread over 5 tax bands (PIT), however employees are subject to three types of taxes: PIT (National Income Tax), Regional Income Tax and Municipal Income Tax.

Bands are as follows:

Income between 0 EUR and 15,000 EURO - 23%

Income between 15,000 EUR and 28,000 EURO - 27%

Income between 28,000 EUR and 55,000 EURO - 38%

Income between 55,000 EUR and 75,000 EURO - 41%

Income over 75,000 EURO - 43%

Regional income taxes vary from 0.7% to 3.33% and Municipal taxes vary from 0% to 0.9% - here we will use the average for comparative purposes. (2018).

Social security contributions are 9.19% of gross income and mandatory but contributions are deducted from gross income before calculating taxes. Over 46,630 EUR (capped at 101,427 EUR) there is an additional 1% social security deduction.

There is no personal allowance, but instead a tax credit is subtracted from the tax bill and varies according to income amount:

Income up to 8,000 EUR receives 1,880 EUR tax credit.

Income between 8,000 EUR and 28,000 EUR receives 1,880 EUR tax credit. Reducing as income increases within the band.

Income between 28,000 EUR and 55,000 EUR receives 978 EUR tax credit. Reducing as income increases within the band.

Income above 55,000 EUR receives ZERO tax credit.

Source: http://www1.agenziaentrate.gov.it/english/revenue_agency/index_revenue.htm

Source: XE.com (Currency Conversion).

Source: SalaryExplorer.com (Averages from average salaries in major job categories).

Source: Numbeo.com (Cost of living).

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Part of Oceania, New Zealand covers an area of 263,135 square kilometers.

New Zealand has a Gross Domestic Product (PPP) of 174.85 ($ Billion) from a population of 4,604,871.

A progressive tax system spread over 4 bands - ranging from 10.5% to 33%.

Tax bands are as follow:

Below 14000 NZD - 10.5%

Between 14000 NZD and 48000 NZD - 17.5%.

Between 48000 NZD and 70000 NZD - 30%.

Above 70000 NZD - 33%.

Statutory accident insurance is payable at a rate of 1.39% of gross income - capped to 126,286 NZD of income.

There is a personal tax credit available for incomes between 24,000 NZD and 48,000 NZD of 520 NZD. This is reduced by 13 cents for each dollar over 44,000 NZD.

Source: http://www.ird.govt.nz/how-to/taxrates-codes/rates/itaxsalaryandwage-incometaxrates.html.

Source: XE.com (Currency Conversion).

Source: SalaryExplorer.com (Averages from average salaries in major job categories).

Source: Numbeo.com (Cost of living).

Help

This calculator allows you to calculate income taxes and social contributions equivalent for Italy and New Zealand and allow comparison between both. You can choose the preferred currency for the input amounts and displayed calculation. For example: If you choose GBP as your preferred currency, then the income entered will be converted to Italy's and New Zealand's native currencies for the calculation so that correct income equivalent is used. The results will then be shown in the native currencies and GBP.

How we compare world taxes

We have trawled through the quagmire of tax legislation for 16 of the World's major economies and created a comparable position as close to the UK's PAYE (Pay As You Earn) system for employed people.

We look at each country's taxation for employed people, as well as things like medical care which are part of social contributions for some countries or require mandatory purchase of health insurance.

Combining this information lets us calculate taxes for each of the 16 countries and then do not only a taxation comparison but also a comparison of buying power based upon commonly purchased items.

It is quick and easy to use and you can get a detailed result at the click/tap of a button!

Compare tax using these examples:

We currently support the following countries - by clicking on the links below you can just do an individual tax calculation for those countries - or scroll up and compare tax between two countries directly!

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