Back to Making Tax Simpler
Increased non-declaration rate

Do you think the non-declaration rate on interest and/or PIE income should be increased?

Do you think the non-declaration rate on interest and/or PIE income should be increased? If you don’t think so, please explain why.

Comments

Jason Hoseason
No, there is no justification for increasing the non-declaration rate on investment income to a rate significantly higher than the top tax rate, especially if it would not be possible to recover the excess tax withheld. It will simply punish unsophisticated taxpayers and provide a windfall for the government.

Do you agree with this comment?

  • agree16
  • disagree4
1 month ago
Brian Morris
Jason has put it perfectly.

Do you agree with this comment?

  • agree2
  • disagree7
1 month ago
Callum Thompson
A higher rate may be needed for PIE income where the taxpayer could be choosing not to declare in order to increase entitlement to working for families etc.

Do you agree with this comment?

  • agree3
  • disagree3
1 month ago
Diane O'Rourke
No. It should not be increased. It would be punitive and would tend to fall more harshly on those less sophisticated with online operations and less likely to keep up with their financial details, especially on over 65s, just the people you say the changes are meant to help.

Do you agree with this comment?

  • agree4
  • disagree3
1 month ago
Paul
No. The IRD's goal should be to collect the correct amount of tax from individuals on behalf of the population so the government can contribute to communal services. Using a non-declaration rate that is higher than the correct rate could ever be is morally corrupt.

Do you agree with this comment?

  • agree4
  • disagree2
3 weeks ago
Kirsty
It is hugely disadvantageous to increase the No-Declaration PIE rate, where the current legislative standards do not permit an overpayment to be claimed back upon filing an annual return. If the 45% ND rate is introduced, s. CX 56 needs amending. Where partners have a single investment, often no IRD number is used, as well as new Kiwisaver investment accounts - if you are going to withhold a penalty, the taxpayer must be able to receive a refund of the overpayment, which current rules do not permit.

Do you agree with this comment?

  • agree1
  • disagree2
2 weeks ago
Scroll To Top