New Zealand Inland Revenue has launched a consultation on the update and replacement of the existing interpretation statements (guidance) on the shortfall penalties for not taking reasonable care, taking an unacceptable tax position, and gross carelessness.
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Shortfall penalties – s 141A, 141B and 141C of the Tax Administration Act 1994
The Commissioner is seeking public feedback on the update and replacement of the existing interpretation statements on the shortfall penalties for not …