Our experience is that NZ Customs has taken a relatively lenient approach to penalties on unpaid customs duty and GST to date.
We expect that to change with increased incentives for businesses to ensure their customs entries are correct under the new regime. The new customs penalties regime is similar to that for tax.
The introduction of the latter was a difficult adjustment period for both taxpayers and Inland Revenue.
We hope that NZ Customs has learned from the tax experience, to ensure as smooth a transition to the new rules as possible.
Taxmail discusses these and other recent customs developments.
If you have any questions on the above, please speak to your usual KPMG advisor or contact Kim Jarrett.