The Government recently introduced a power to enable the Commissioner of Inland Revenue to remit UOMI where a taxpayer has been adversely affected by COVID-19. However, the provision may not be working as intended for taxpayers who make an underpayment of a provisional tax instalment due to COVID-19 related difficulties in accurately forecasting income. The amendment allows Inland Revenue to remit UOMI accrued on an amount of terminal tax payable for the 2020-21 tax year where the taxpayer failed to pay the relevant portions of themore
Charities and donee organisations - Part One Please note the following changes: ED0207a is the first of a 2 parts outlining how IRD will monitor and advise charities of the requirements for income tax exemptions and donee status. There are a lot of points to consider, including: • Charities must have an IRD number. • Charities must be registered with Charities Services (at IRD) to qualify as a tax charity. • Charities that are registered under the Charities Act will, prima facie, qualify for the income tax exemption for non-business income in s CW 41. • Businessmore
Ways the Inland Revenue can help your business at this timeIf your business is struggling to meet its tax payments at this time, there are plenty of ways Inland Revenue can help. If you're having difficulty paying your tax: You can set up an instalment arrangement to pay your tax off over time in your online account, myIR.
• If you’re paying provisional tax on the expectation of making a certain profit this year, and you no longer think you’ll be making that profit, you can re-estimate it at