UOMIUse of Money Interest
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Late payment penalties and UOMI are eliminated because the IRD treats the tax as being paid on time when it is transferred to an individual taxpayer's IRD account.
Cunniffe says the low upfront fee makes Tax SHIELD ideal for those taxpayers whose income is difficult to predict and are concerned about exposure to IRD late payment penalties and UOMI of up to 28 percent.
It takes advantage of TMNZ's 'Tax Finance', which allows it to defer its provisional tax payment to a more convenient time without incurring UOMI and late payment penalties.