Ahead of your provisional tax date, you pay us an upfront finance fee and we make a date-stamped tax deposit on your behalf into our tax pool account at IRD. The finance fee you pay is based on the amount of tax financed and the date in the future you wish to pay. At the agreed upon future date, you pay us the principal and we arrange for the date-stamped deposit to be transferred to your IRD account. IRD treats the tax as if it was paid on time once it processes this transfer, eliminating any interest and late payment penalties incurred.
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