Eliminate Your Tax Debt Stress with the Help of Top Accountants in New Zealand
Tax debt is a common issue that many individuals and businesses face. It can be stressful to deal with, especially if you are not familiar with the tax laws in New Zealand. Fortunately, there are trusted chartered accountants in New Zealand who can help you eliminate your tax debt stress. Let's excavate deeper into this topic and unearth some new insights. What are the Consequences of Not Paying Your Tax Debt on Time? Not paying your tax debt on time can have serious consequences. If you fail to pay your tax debt on time, the IRD may take action to recover the debt, which could include: Interest and Penalties : If you do not pay your tax debt on time, the IRD will charge you interest and penalties. The interest rate is currently set at 8.35% per annum and the penalties can be up to 150% of the tax owed. Legal Action : If you continue to ignore your tax debt, the IRD may take legal action against you. In this case, legal action may be taken to garnish your wages or seize your