Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Tax Relief Legislation Introduced

NZ Government

John Wright MP, Revenue Undersecretary

May 16 2000

Tax Relief Legislation Introduced

Legislation introduced into Parliament today will reduce the incremental penalty for overdue tax, and extend relief provisions to all types of tax.

"These measures should help to reduce the costs and stress associated with overdue tax payments, and provide some relief to taxpayers who find themselves in difficulty," Revenue Under-secretary John Wright said today.

"As a complementary measure, the grace period from use-of-money interest for taxpayers who receive a statement of account for overdue tax is being increased to give them more interest-free time in which to pay their overdue tax," Mr Wright said.

The changes include:

- The incremental penalty for late payment of tax is to be reduced from 2% to 1% each month that tax is overdue. - Provisions allowing Inland Revenue to cancel, remit or accept payment by instalment will be extended from income tax and fringe benefit tax to all types of taxes. - Inland Revenue will not have to seek the approval of the Minister of Finance to remit tax, refund it or enter instalment arrangements for amounts of more than $50,000, which will speed up the process of granting relief to taxpayers. - The grace period from use-of-money interest between issue of a statement of overdue tax and payment of that tax is being extended from 15 days to 30 days.

"These changes were inspired by recommendations made by the Finance and Expenditure Committee as a result of its inquiry last year into the powers and operations of the Inland Revenue Department. The committee concluded that more flexibility and leniency were needed in the administration of the compliance and penalty legislation and the department's debt management practices. The changes introduced today respond to that concern," Mr Wright said.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

KiwiBailed: KiwiBuild Head Officially Resigns

The head of Kiwibuild, Stephen Barclay has officially resigned from the role. In a statement issued on his behalf, it was announced that he would step down from today [Friday].

Housing Minister Phil Twyford's office said he would not be commenting on Mr Barclay's resignation as it was an employment matter. Last month, Mr Twyford confirmed that Mr Barclay had not been at work for a number of weeks. More>>

 

Welfare Stats: Rise In Hardship Numbers Shows Income Inadequacy

The latest Ministry of Social Development quarterly report show that a record number of people have received hardship assistance from work and income, with an additional 40,000 hardship payments made between September and December 2018, compared to the previous quarter of the same year... More>>

ALSO:

DHBs "Prepared": Junior Doctors Strike Again

The needs of acute patients will be met during tomorrow's junior doctor strike, a DHB spokesperson says... Almost 3000 junior doctors are expected to walk off the job, which will affect all DHBs apart from West Coast District Health Board. More>>

ALSO:

Gordon Campbell: On MBIE’s Social Media Scam

Given the ambit of MBIE’s work, almost any form of social activity could qualify as being part of MBIE’s brief, so the privacy threats posed by this training programme are extensive. The current oversight safeguards seem threadbare to non-existent. More>>

ALSO:

JusTrade: New Campaign For A 21th Century Trade Agenda

‘Critique is no longer enough. If anything is to really change, we need to step away from the existing framework and take a first-principles approach to rethinking what will work for the 21st century.’ More>>

Earlier:

Gordon Campbell: Thompson + Clark Are The Tip Of The Iceberg

How can we tell where and how any lines are being drawn? Oversight is not exactly robust. If it were, Thompson + Clark would have been out of contention for state security work ten years ago. More>>

Trainers: Taratahi Institute of Agriculture In Interim Liquidation

Taratahi employ 250 staff and this year has provided education to over 2500 students. Taratahi owns and manages 8 farms throughout the country. More>>

ALSO:

IPCA Report: Complaints About Deputy Commissioner Wallace Haumaha

The Authority has found that DC Haumaha acted improperly by approaching staff and others to provide information to support him to refute the allegations about his 2016 conduct, or solicited other staff to do so on his behalf... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels