The Minister of Revenue has today introduced the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Bill, the second taxation Bill in response to the coronavirus-induced economic crisis.
The Bill contains the following tax and non-tax measures:
- a temporary tax loss carry-back regime to provide cash-flow quickly to businesses;
- increases the administrative flexibility for Inland Revenue to quickly modify due dates, timeframes or other procedural requirements for taxpayers impacted by COVID-19;
- ensures the tax and social policy treatment of benefits and pensions paid to people stranded overseas is consistent with the treatment of equivalent payments to people in New Zealand;
- defers the commencement of provisions that restrict the performance of routine surgical procedures on animals so that farmers can continue to perform these;
- advances the commencement date of improved consumer protections under the Credits Contracts Legislation Amendment Act 2019, while deferring broad system changes; and
- extends the timeframe for certain Crown entities to provide planning documents to responsible or shareholding Ministers.
For more information, see the Bill, the Commentary to the Bill and the Minister’s media statement.
Tax Policy
