Category New Zealand Taxation
November 24, 2016 New Zealand Taxation
On November 22nd the Minister of Revenue Michael Woodhouse announced that special measures have been enacted to ease the filing burdens of taxpayers impacted by the earthquake in Kaikoura.
The Minister explained that following an Order in Council the IRD will waive the Use-of-Money-Interest on any late payments, which are a result of the earthquake.
The waiver is currently scheduled to last until January 31st, although it is not impossible that the deadline may be extended further if such a step is deemed necessary.
The Minister also noted that the Inland Revenue has opted to drop its own late-filling and late-payment penalties for anyone affected by the recent quak...Read More
November 16, 2016 New Zealand Taxation
On November 16th the Revenue Minister Michael Woodhouse and Small Business Minister Craig Foss announced that the results of new survey have shown that small businesses in New Zealand are spending a decreasing amount of time each year on their tax filing obligations.
On average businesses in New Zealand spend 27 hours each year on their tax compliance.
The current time spent on compliance is 25 percent less than the amount of time which was spent in 2013.
The results of the survey showed that business owners found that recording information was the most time consuming aspect of their tax obligations.
GST was found to be the most time-consuming tax type, requiring an averag...Read More
September 8, 2016 New Zealand Taxation
Auckland needs a regional fuel tax in order to fund the development of roads and rail, according to Phil Goff.
In a radio interview aired this week, the Mayoral candidate for Auckland Phil Goff suggested that the city may need to implement a fuel tax in order to pay for the expansion of the roading system.
He claimed that if an Auckland-specific tax is not introduced soon, then the local traffic gridlock will continue to get worse.
He explained that in the Auckland approximately 800 new cars come onto the street every week, but infrastructure is not developing in line with the growing pressures.
Implementing an Auckland-specific road tax would raise as much as NZD 120 million per year, allowing authorities to borrow another NZD 200 million per year to pay for a light rail system betwee...Read More
August 24, 2016 New Zealand Taxation
The IRD has won a case against a serial tax evader accused of dodging nearly NZD 800 000 in taxes.
Late last week Zai Jian Liang, proprietor of tasty Zone Restaurant in East Tamaki, was sentenced to 38 months of jail time for tax evasion amounting to NZD 787 996.
According to the Inland Revenue Department claimed that Zai Jian Liang and his wife Guan Hong Liang failed to declare more than NZD 1 million of cash sales through their restaurant.
Further, alongside failing to record cash sales, the couple also failed to pay approximately NZD 500 thousand worth of PAYE for staff salaries.
Following their gross tax evasion the family also claimed nearly NZD 30 thousand worth of Working for Families tax credits.
The evidence of the tax evasion was found by IRD investigators during raid of the co...Read More