Taxi is designed for those taxpayers that pay their provisional tax on time.
Taxi has built in a range of safeguards to manage risks, including the risk of borrowing money and not being able to repay this, which is a risk with any working capital facility.
Taxi suggests monthly repayments and the funds must only be used for business purposes. Taxi allows early repayment without penalty and multiple pathways to repayment, which banks don’t.
Taxi is flexible - you can skip repayments if you need to, without incurring penalties or additional charges.
As long as you continue to pay your provisional tax to Taxi, our system is flexible with the borrowing term, again without incurring any penalties.
We only use your most recent provisional tax payments as security, so even if your Taxi repayments haven’t been made to us, we can still release your historical tax payments that are due to be transferred to IRD. This is because we still have security over your recent provisional tax payments which aren't due to IRD yet.