The Taxation (Research and Development Tax Credits) Act 2019 received the Royal assent on 7 May and is now in force.
In this special edition of Tax Tips, we provide guidance on how to transition to the new R&D tax credit regime, and we highlight some key issues you need to watch out for. We also look ahead to examine how further upcoming changes to New Zealand’s R&D ecosystem may affect your business. Finally, while not a tax case, we explore the implications of the Trends v Callaghan Innovation decision for taxpayers making claims under the R&D tax credit regime.
For more background and detail on the Bill as it was introduced, please refer to Tax Tips, October 2018. For a summary of changes that were made to the Bill during the consultation process, please see Tax Tips, April 2019.
Tax Tips was updated on 28 May 2019 to reflect the new guidelines issued by Inland Revenue.
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