Inland Revenue (IR) has given businesses extra months to file 2021 tax returns, usually due on 31st March 2022. Because of the Omicron wave, the due date has been extended to the end of May 2022.
IR will delay issuing reminder letters and subsequent charging of late filing penalties for Income tax returns due 31st March 2022. Reminder letters will be issued Mid June 2022, and late filing penalties will be charged 30 days after this if the return remains unfiled. IR may remit penalties for late filing and late payment due to the effects of the COVID-19.
IR also has extended the tax pooling deadline for COVID-19 impacted taxpayers. Any impacted taxpayers will now have 183 days after their terminal tax date to settle 2021 income tax arrangements with TMNZ, subject to certain criteria. For example, for a taxpayer with a terminal tax date of the 7th of February 2022, the due date to settle your income tax arrangement with TMNZ is the 9th of August 2022. For a taxpayer with a terminal tax date of the 7th of April 2022, the due date is the 7th of October 2022.
Talk to us if you have any difficulties paying your 2021 terminal tax by the due date.