IRD Offering Tax Help

March 19, 2009 New Zealand Taxation  No comments

The Inland Revenue Department (IRD) is offering help to those expecting difficulty in paying the taxation bills.

Bob Russell Commissioner of Inland Revenue has made comments recently in regards to businesses that have concerns about their ability to meet upcoming tax payments. While Bob Russell did not promise that tax would be reduced or that the rigidity of the tax system would be slackened, it seemed he wanted to display the IRD’s new found policy of possible lenience.

Options mentioned for firms include possible payment plans or a delay in late fees. Interest payments on the late payment will still be accrued in the normal fashion, but the calling-off on some fees could serve as a boon for struggling businesses. Further, Bob Russell encouraged businesses to take advantage of the newly lowered use-of-money interest rate, he told businesses to view it almost as an overdraft if they needed it.