Accounting. Mortgages, Insurance, Wealth Management


Covid 19 Tax Proposals

Posted on 15 September, 2020 at 23:15

The Minister of Finance has announced a business package containing measures to support businesses affected by the corona virus outbreak.


The package includes tax relief largely starting from 1 April 2020 as follows:


  • Reintroducing building depreciation to help encourage investment in industrial and commercial buildings.
  • Increasing the allowance to expense low value asset purchases from $500 to $5,000 for a one-year period, with a $1,000 allowance after that.
  • Relieving small business owners of the requirement to pay tax through the provisional tax system by raising the threshold from $2,500 to $5,000.
  • Allowing the Commissioner of Inland Revenue to cancel use of money interest on underpayments of tax for taxpayers unable to pay tax on time due to the outbreak.
  • Allowing Inland Revenue to share information with government departments to help these agencies provide assistance in relation to the outbreak.

The necessary legislative amendments will be included in a Bill to be introduced soon.

For full details on these proposals," target="_blank">see the Beehive website.



Categories: Taxation

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1 Comment

Reply Noel Stanley
9:27 on 13 November, 2020 
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