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New Zealand

Law and regulation of Covid-19 tax relief in New Zealand

Table of contents
  1. Value Added Tax
  2. Corporate Income Tax
  3. Social Security Contributions or Payroll Tax
  4. Other relief measures
  5. Additional comments
New Zealand
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Information provided by the IBA Taxes Committee members.

Value Added Tax

  • N/A

Corporate Income Tax

  • Increase in the threshold before provisional tax applies from NZD 2,500 to NZD 5,000 from the 2020/21 income year.

Social Security Contributions or Payroll Tax

  • N/A

Other relief measures

  • The ability to take an immediate deduction for any assets costing NZD 5,000 or less in the 2020/21 income year.
  • Reintroduction of depreciation on commercial and industrial buildings at the rate of 2% from the 2020/21 income year.
  • Ability to apply for use of money interest write-offs for tax debts post 14 February 2020, if they are due to COVID-19.

Additional comments

  • N/A