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Tax Debt Crisis Threatens NZ Businesses | Auckland News
New Zealand’s business liquidation crisis is hitting record levels, with over 2,800 companies closing last year — a 15-year high — especially in Gisborne, where firms are reportedly drowning in tax debt. CAANZ blames systemic flaws in current tax laws, pointing to the $9.4 billion national tax debt, much of it from small and medium businesses struggling with cash flow. The solution? Redirect Pay As You Earn taxes directly to Inland Revenue, stopping businesses from using employee deductions as emergency cash — a move that could prevent spiraling debt. Many owners lack financial know-how…
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