By Amy Sexton & Campbell Rose
Continuing on with the very topical themes of tax debt and insolvency Inland Revenue has published a draft Standard Practice Statement Options for relief from tax debt (the statement). It updates and, once finalised, will replace SPS 18/04. While the technical framework is largely unchanged, the new statement clarifies but tightens the Commissioner of Inland Revenue’s (Commissioner) approach to applications for relief from tax debt. The statement also outlines the requirements for remission of interest and/or penalties and the circumstances when the Commissioner may consider remission.
Options for financial relief
When people think about “tax debt relief”, they often think first of having…