close
Share with your friends

New Zealand: Tax relief measures focused on enhancing cash-flow (COVID-19)

New Zealand: Tax relief measures, enhancing cash-flow

The Minister of Finance on 14 April 2020 announced three tax measures that are focused on providing and enabling cash-flow and freeing Inland Revenue’s ability to respond to the consequences of the coronavirus (COVID-19) pandemic.

1000

Related content

Three tax measures include:

  • A tax loss “carry back” rule to allow refunds of tax paid in a prior year—there would be a temporary rule for tax losses in the 2020 and 2021 tax years and a permanent rule for future years.
  • A same or similar “business test” to allow tax losses to be carried forward—this would be intended to help companies to raise capital.
  • A temporary rule to give Inland Revenue flexibility to “relax” time frames and processes without the need for Cabinet approval.

These measures would apply to all businesses (not just small business).

Read an April 2020 report prepared by the KPMG member firm in New Zealand

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal