After a string of spending decisions over the past two days, the Government today announced some cheering news on the revenue-gathering side of its activities. It is moving to ease financial stress for around 149,000 taxpayers by changing the rules around write-offs for tax debt.
As a consequence, fewer people will have tax bills to pay this year.
But not too many fewer.
According to Treasury figures, we have 3,850,000 taxpayers who generate $36,850 million of revenue. Around 4% of those taxpayers – by the looks of it – will benefit from the Government’s relaxing of the rules.
Revenue Minister Stuart Nash said Inland Revenue’s end-of-year automatic income tax calculation process for individuals is currently underway and is expected to run until early July.
This is the annual wash-up which results in people either having tax to pay or receiving a refund. Continue reading “Oh, goody – Nash says some tax relief is in the offing but only a few of us will benefit from it”