IRD tagged posts
May 8, 2012 New Zealand Finance
The IRD and Ministry of Social Development are improving their info sharing capabilities in order to cut down the occurrence of benefit fraud in New Zealand.
Late last week the Minister of Revenue Peter Dunne and the Associate Minister of Social Development Chester Borrows announced that the Inland Revenue Department and the Ministry of Social Development would soon begin sharing greater amounts of information about taxpayers.
Currently the government departments share information about taxpayers only upon individual inquiries, but, after May 31st both departments will have equal access to client data. will...Read More
August 3, 2010 New Zealand Taxation
The legal action between the Inland revenue Department and two Christchurch surgeons is set to continue, after their tax dispute case was accepted to be seen in front of the New Zealand Supreme Court.
Ian David Penny and Gary John Hooper’s application to appeal to take their “company structure” tax evasion case to the Supreme Court was approved on August 2nd. The action revolves around alleged tax evasion committed by the medical professionals through a controversial company structure which was claimed, by the Inland Revenue Department (IRD), to amount to non-payment of their fair market salaries, for the purpose of reducing income tax liabilities.
In June 2010, the New Zealand Court of Appeal agreed with the IRD that the doctors used corporate and family trust structures to greatly down...Read More
July 23, 2010 New Zealand Taxation
Nearly 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...Read More
July 16, 2010 New Zealand Taxation
The New Zealand Government is proposing a series of extensive transformation to the tax filing administration process, promising to deliver greater information ability, ease of filing, along with lowered incidence of processing error and calculation mistakes.
The Government and the Inland Revenue Department (IRD) are urging New Zealand taxpayers to give comment on planned changes to tax administration. On June 15th the Making Tax Easier proposal was introduced, along with a public consultation period lasting until July 23rd.
For individual taxpayers, the IRD has proposed creating a new digital portal, which would theoretically allow individuals to manage all their tax affairs. The idea is promised to be similar to internet banking in regards usability and security...Read More