bizEDGE NZ - Online tax services saving businesses money

Warning: This story was published more than a year ago.
ird.png

Online tax services saving businesses money

Increasing numbers of businesses and individual taxpayers turning to online service to pay tax means big savings for the IRD, according to the Government.

Revenue Minister Todd McClay says Inland Revenue was spending more than $18 million on print and postage each year, but by giving customers access to their details online, it is dropping dramatically.

“Because most customers have embraced online filing Inland Revenue has saved $600,000 per year on prepaid envelopes for Employer Monthly Schedules (EMS), and this is expected to fall much lower,” he explains.

In the 2012/13 year, the cost to send envelopes was around $840,000. In 2014-15 it reduced to $200,000, and in 2015-16 Inland Revenue expects it to drop to as low as $40,000.

“More importantly, online filing means businesses and individual taxpayers are saving time and money,” says McClay.

“Already an annual personal tax summary, which used to take around 27 hours to complete, can now be done by customers online in under seven,” he says.

“Inland Revenue closely monitors how customers rate their services and know that 94% of individual customers and 96% of businesses who file online report high satisfaction,” McClay explains.

“As we move forward with Business Transformation there will be continual improvements in the ease and simplicity that people and businesses deal with Inland Revenue.

“And that’s good for everyone. When paying tax is simple, more people comply,” he adds.

Interested in this topic?
We can put you in touch with an expert.

Follow Us

Featured

next-story-thumb Scroll down to read: