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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, https://scanmail.trustwave.com/?c=9174&d=r63w3p5AbBVaG9teWWmt0m7oeXIjb11ebHSMpyRsxw&s=29&u=https%3a%2f%2fa1%2emiemail%2eco%2enz%2fch%2f71641%2f7zw1z%2f2161901%2fa%2eYsrjwGgP9vE70n1uwEE9ICXE36L2WjtLno0r%5f2%2ehtml" target="_blank">see the Beehive website.

 

 

Categories: Taxation

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