A bill that would introduce a research and development (R&D) tax incentive to support and further promote R&D for New Zealand businesses has passed its first reading in Parliament.
Tax professionals anticipate that the R&D legislation could be enacted in May or June 2019, thereby allowing businesses to access and make the most of the tax incentive from the start of the current tax year (typically 1 April 2019). The incentive is being viewed as an opportunity for businesses to access support for R&D, and it is expected that over 2,000 New Zealand businesses could be eligible to claim the incentive.
Read more about the R&D tax incentive proposal in TaxNewsFlash
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