Penalties for non-payment of employer monthly schedules

The IRD has been reinforcing its position with employers not meeting their payment obligation. Non-payment penalties are issued by the IRD to employers who fail to pay their employer monthly schedule (EMS) obligations in full or on time. A non-payment penalty is 10 % of the amount outstanding and applies when non-payment continues after the IRD [...](read more)

IRD introduces new tax rates

The Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 introduces changes to secondary tax rates and new calculations for extra pays/lump-sum payments, effective from 1 April 2010. New RWT, secondary tax, RSCT and extra pay rates from 1 April 2010 $0 - $14,000 12.5% $14,001 - $48,000 21% $48,001 - $70,000 33% $70,001 and over 38% Current RWT deductions at the rate of 19.5 [...](read more)

IRD payments & allowances update

The IRD recently updated and clarified some of its legislation relating to the treatment of relocation payments, overtime meal allowances and sustenance allowances. If you have taxed any of these since the 2002 – 2003 income year, you might be entitled to a PAYE credit – depending on whether the tax-free conditions for each category [...](read more)

IFRS Compliance

Businesses should ensure they are complying with the new international accounting practices established under the International Financial Reporting Standards (IFRS). A recent review of reports by the Securities Commission highlights that many businesses are still facing some difficulties changing from a system of commercial confidentiality to one of disclosure. Under IFRS, forecasts should include information about [...](read more)