U.K. Pensions P.A.Y.E. Payments Suspended
(New Zealand Press Association)
WELLINGTON, April 13.
The collection of New Zealand tax by P.A.Y.E. on pensions received from the United Kingdom by New Zealand residents will be suspended.
Any New Zealand tax payable, in addition to the United Kingdom tax, would be assessed and collected by annual assessment, the Minister of Finance (Mr Lake) said today.
Mr Lake said New Zealand residents receiving United Kingdom pensions had been advised, after the termination of the double-tax agreement, that deductions of United Kingdom tax would commence from last Tuesday.
The pensions were also tax- -•'» in New Zealand, but a
credit was allowed against this tax for the United Kingdom tax.
Under P.A.Y.E. New Zealand tax had been paid each month and he was concerned that this double deduction could cause hardship even though tax overpaid would be refunded later. The matter had been discussed with the Commissioner of Inland Revenue, who said that as an administrative practice he would suspend collection of New Zealand tax by P.A.Y.E.
An explanatory letter would be sent to all the pensioners concerned. Mr Lake said he was confident the action would obviate any possible hardship as far as New Zealand tax collection was concerned.
U.K. Pensions P.A.Y.E. Payments Suspended
Press, Volume CIV, Issue 30725, 14 April 1965, Page 16
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