Business Tax Relief Passes Parliament
March 26, 2009 New Zealand Taxation
The tax relief package introduced by Parliament on the 10th of February has passed through its final stages of Parliament approval and requires only Royal assent.
The business tax relief package which was introduced by the National led Government and aimed at bringing tax relief to the small and medium enterprises (SME) of New Zealand, has been passed through parliament. According to Revenue Minister Peter Dunne, the 96% of New Zealand businesses which are SMEs will find this package useful in weathering the current economic downturn and also in easing up some cash flow problems that they might be experiencing.
If the package receives Royal assent from the Governor General, it will include changes like the removal of the 5% increase in Provisional Tax estimates, along with changes to some thresholds in Goods and Service Tax payment.