Articles by Anthony Strevens
The IRD have introduced new regulations that allow the Commissioner to disclose information about a taxpayer’s tax debts to approved credit reporting agencies if certain preconditions are met. (These new regulations are found in section 85N of the Tax Administration Act.)One of these preconditions is that the amount of the taxpayer’s reportable unpaid tax must be greater than the prescribed amount of $150,000, or the debt must overdue by more than a year and is more than 30% of the taxpayer’s gross income. Other conditions include that the Commissioner must have made reasonable efforts to recover the amount, and must have formally notified the taxpayer.
Before the new rule was introduced on April 1 2017, the IRD was obliged to keep information about a taxpayer’s debt secret. The IRD’s reasoning behind changing this rule was that it will benefit both the Crown and the taxpayer’s potential creditors:
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