ESTIMATED TAX
Explanation Of Penalties
(N.Z. Press Association) WELLINGTON, Dec. 7. Penalties will not be imposed on farmers and other self-employed taxpayers for under-estimating their tax liability when they pay provisional tax, provided there are genuine reasons for the low estimate and these have been established with the Inland Revenue Department. The Minister of Finance (Mr Lake) made this clear today when he outlined the circumstances in which penalties might be imposed. “The penalty is intended to deter a small minority of taxpayers from deliberately under-estimating tax payable and so delaying payment,” he said.
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Bibliographic details
Press, Volume C, Issue 29691, 8 December 1961, Page 18
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94ESTIMATED TAX Press, Volume C, Issue 29691, 8 December 1961, Page 18
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