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Customs and Excise Act 2018

Entry and exit of goods, persons, and craft - Interest and penalties for late or incorrect payments of duty, incorrect refunds of duty, and drawback incorrectly allowed - Remissions and refunds of interest and penalties

166: Interest: remissions and refunds where inadvertent error by duty payer

You could also call this:

"Mistakes on your tax form: when you don't have to pay extra interest"

Illustration for Customs and Excise Act 2018

If you make a mistake on your tax assessment, the chief executive might let you off paying some of the interest. This can happen if the chief executive is satisfied that your mistake was an honest error and you meet certain conditions. You can find more information about this in section 156 and the interest you have to pay is explained in section 154.

The chief executive will look at your tax assessment, which you did under section 111, or the changes you made to it under section 112. They will check if you made a mistake by accident.

The amount of interest that you do not have to pay will be calculated in a specific way.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7245155.

Topics:
Money and consumer rights > Taxes
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165: Interest: remissions and refunds for emergency events, or

"Help with late duty payments due to emergencies"

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167: Penalties: remissions and refunds where reasonable excuse for late payment of duty, or

"Getting a break on penalty fees if you have a good reason for paying duty late"

Part 3Entry and exit of goods, persons, and craft
Interest and penalties for late or incorrect payments of duty, incorrect refunds of duty, and drawback incorrectly allowed: Remissions and refunds of interest and penalties

166Interest: remissions and refunds where inadvertent error by duty payer

  1. Regulations may, for cases covered by section 156, require the chief executive to remit or refund in part any interest payable under section 154 if the chief executive is satisfied that—

  2. the licensee’s or owner’s or importer’s assessment under section 111, or the importer’s amendment of an assessment under section 112, was incorrect because of an inadvertent error; and
    1. the prescribed conditions (if any) are met.

      1. The amount to be remitted or refunded must be calculated in the prescribed way.