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New Zealand Confirms Support For Flood-Hit Taxpayers

by Mary Swire, Tax-News.com, Hong Kong

19 April 2017

New Zealand's Inland Revenue will waive use-of-money interest on late tax payments for those impacted by recent floods.

The Government also confirmed on April 19 that late filing and late payment penalties will be cancelled for affected taxpayers and, as previously announced, it will relax the rules for the income equalization scheme for farmers and fishers.

"In the aftermath of the Edgecumbe and Bay of Plenty floods, businesses in affected areas have enough to deal with without having to worry about their tax obligations at the same time," said Lead Minister for Edgecumbe Anne Tolley.

"Inland Revenue will waive use-of-money interest on late tax payments and will cancel late filing and late payment penalties for taxpayers who are unable to pay their tax by the due date because of the recent flooding," Revenue Minister Judith Collins added.

The terminal tax date for the 2016 income year for taxpayers with tax agents was April 7, and April 20 is a due date for employers.

TAGS: tax | business | interest | corporation tax | New Zealand | penalties | individual income tax

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