Effective 1 October 2010
New Zealand is set to see an increase in gst tomorrow. Everyone, both shoppers and businesses alike, can expect to see a rise from the current 12.5% to 15% imposed on all good and services.
Retailers have faced a logistical nightmare as the gst rise comes into effect. Re-pricing thousands of items to include the new price adds a huge number of hours for staff. Some smaller companies have chosen to implement the rises slowly as time permits, while others have just opted to have two seperate prices put on the products. Shopping in Rebel Sport the other day, I noticed the price labels had two completely seperate prices - a pre-1st of October and a 1st October onwards. It looks like many stores will have to lose that 99 cent price rate that they’ve tried so hard to maintain. I’m sure some will be determined to keep that magic number, that seems to encourage impulse buyers who somehow see it as being hugely cheaper than the rounded off number.
It will be interesting to see how the cross over goes on the day…. watch this space.
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