The next provisional tax instalment date is 28 February 2025
Provisional taxpayers with the below balance dates may have a tax instalment due on 28 February 2025 |
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Reminder for 2024 tax pooling fund transfers
Taxpayers with the below balance dates will need to have all purchased and financed tax transferred out of the tax pool to the Inland Revenue Department (IRD) by 24 February 2025:
- Taxpayers with a 31 January balance date (without Extension of Time).
- Taxpayers with a 30 November balance date (with Extension of Time).
It’s important to act soon and confirm that any remaining funds in your tax pooling account that are required for the 2024 tax year are transferred to the IRD. To ensure a smooth transfer process please follow these steps:
- Submit Proof of Tax Liability: Provide documentation verifying your 2024 tax liability to ensure the correct transfer amount.
Initiate Transfer Arrangements: Contact our team to help you to transfer your tax pooling funds to the IRD in the most efficient way.
Avoid Delays: Remember, tax pooling extends your payment deadline by up to 75 days after your terminal tax dates. Act promptly to ensure funds are out of the pool by the deadline date.
Update on Use of Money Interest Rate changes
The Inland Revenue Department (IRD) announced changes to the Use-of-Money Interest (UOMI) rates that were effective from 16 January 2025. The interest rate on underpayments will decrease from 10.91% to 10.88%, while the rate on overpayments will also decrease from 4.67% to 4.30%.
Upcoming platform experience improvements
We are excited to announce that we are in the process of upgrading our platform. A dedicated group of our tax pooling experts in partnership with expert software developers are diligently working on this project with the main focus of enhancing the overall tax pooling client experience.
The first wave of improvements will be to update the finance quote and purchase quote pages. We're making them more user-friendly to ensure you have a seamless experience while preparing quotes for your clients.
We invite you to share your thoughts and ideas about the TPS platform with us. Your feedback is invaluable and key to our commitment to continuous improvement.
Please send your feedback to taxpooling@pwc.com or give us a call on 09 948 8833.
Other important dates for your calendar
- Provisional taxpayers with a 28 February, 30 June, or 31 October balance date will generally have a tax instalment due on 28 March 2025.
- Provisional taxpayers with a 31 December balance date and 28 February balance date for the 2024 income tax year will need to have all purchased and financed tax for the 2024 income tax year transferred out of the tax pool and into taxpayer IRD income tax accounts by 31 March 2025.
