GST from 1st October2010 the GST rate is 15%
Current Tax Rates
TAX RATE
TAX INFORMATION - COMPANIES The Current Tax Rate for Companies is 30%. From 1st April 2011 this will be reduced to 28%.
USE OF MONEY INTEREST RATES On underpayment of tax: 8.91% and 8.89% from 16/01/11 On overpayment of tax: 1.82% and 2.18% from 16/01/11
PORTFOLIO INVESTMENT ENTITIES (P.I.Es) Please click on the following link to ensure you have the correct prescribed investor rate (P.I.R)
Current Penalties and Interest Rates for Late Filing TAX Reductions for voluntary disclosure penalties The IRD have made reductions to their penalties for voluntary disclosure. Shortfall penalties for not taking reasonable care, making an unacceptable interpretation, or taking an unacceptable tax position can now be reduced by 100% if you make a voluntary disclosure before IRD advise you of a pending tax audit or investigation. A 75% reduction applies to voluntary disclosures made before notice of an audit if the tax shortfall arose because you were grossly careless, took an abusive tax position or evaded tax. Disclosures made after notification of an audit or investigation, but before the audit or investigation begins still qualify for a 40% reduction. A new late payment grace period Everyone, regardless of their compliance history, starts with a clean slate and will get a grace period the first time they make a late payment after 1 April 2008. IRD will send these customers a reminder, stating a further due date for payment. If payment is not made, the late payment penalty will be imposed as if the reminder had not been given. Further late payments in the subsequent two years will not qualify for a grace period. PAYE New GST late filing penalties Late filing penalties for GST returns are $50 for someone on the payments basis or $250 for someone on the invoice or hybrid basis at the date the GST return is due. FBT No late filing penalty. For further information please contact us Other topics discussed in our newsletter:
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