In government's bid to provide a cash flow lifeline to small businesses, tax changes are expected to be pushed through all stages in Parliament today on 30 April 2020.
As per Revenue Minister Stuart Nash, Covid-19 response bill gives enterprises over NZD 3 billion in tax refunds to deal with the economic impact of the pandemic.
Main highlights are:
- Introducing tax loss carry-back regime.
- Allow IR to change due dates.
- Ensure pensions paid and treatment of benefits to kiwis stranded overseas.
- Prevent farmers and those working with animals.