NZ businesses could face GST on late fees under amended tax bill

Fri, 08 Jun 2012

By Hannah Lynch June 08 (BusinessDesk) - New Zealand businesses would face “effectively a new tax” as a result of the finance and expenditure committee’s tweaks to a tax bill that impose goods and services tax on late fees, account firm PwC says. The committee has recommended that GST be added to fees for the late payment of an account under the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Bill. Fees have previously not been subject to GST because they aren't considered part of the goods or services, rather a breach of contr...

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