IRD Gets New Funding for Anti-Evasion Push
May 13, 2014 New Zealand Taxation
The IRD is looking to take on a significant number of new specialist staff to help recover previously unpaid taxes.
On May 12th the government announced that the upcoming budget would allocate approximately NZD 132 million to be spent over the next five years to help improve tax compliance and to chase down tax evaders.
Approximately NZD 48.6 million of the funds will be used to help the IRD to hire new staff and specialist specifically charged with cracking down on taxpayers who neglect to file tax returns, or those attempting to evade taxes.
The remainder of the funds is to be used by the IRD to write off taxes which are unlikely to be recovered through the IRD’s efforts.
It is estimated that the extra staff will help the IRD to recover approximately NZD 297.5 million in previously unpaid taxes over the next five years.