The New Zealand government has waived penalties and interest on tax debts for companies affected by the new coronavirus outbreak.
“If your business is unable to pay its taxes on time due to the impact of Covid-19, we understand, you don’t need to contact us right now. Get in touch with us when you can, and we’ll write-off any penalties and interest,” the government said in a statement Wednesday.
- The comment comes after the country announced a NZ$12.1 billion ($7.3 billion) stimulus package on March 17 designed to boost the economy.
- The package featured several tax measures, including Increasing the provisional tax threshold from NZ$2,500 to $5,000 and the small asset depreciation threshold from $500 to $1,000, and to $5,000 for the 2020/21 tax year.
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