bob russell tagged posts

Thousands of Businesses Cannot Pay Their Taxes

July 23, 2010 New Zealand Taxation

Global RESETsionNearly 30 000 New Zealand companies have had to make arrangements with the Inland Revenue Department, claiming that the recession has affected their ability to meet their tax obligations.

Throughout the previous financial year, the Inland Revenue Department (IRD) and 29 520 New Zealand businesses have made installment-payment agreements for NZD 546 million worth of unpaid taxes. A similar negative effect on tax payments is expected to continue throughout the current fiscal year, according to the IRD’s latest annual Compliance Focus report, released on July 23rd.

Bob Russell, Commissioner for Inland Revenue, stated that the IRD anticipated the current number of businesses requiring tax payment arrangements, due to the economic downturn...

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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...

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