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Sunday, 12 January 2014 04:39

Why does the Inland Revenue Department ("IRD") always get preference?

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The IRD ranks as preferential for PAYE and GST, on the basis that these funds are held by the company in trust for the IRD.  Only the core debt is preferential, not any related interest or penalties.  Income tax is also not preferential.

The IRD's preferential claim ranks behind employee claims for wages, holiday pay and redundancy pay.  These preferential claims are capped at $20,340 per employee.

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