As the true global impact of the novel Coronavirus COVID-19 on businesses and individuals continues to unfold, the Government has announced a $12.1 billion (which represents 4.0% of New Zealand’s GDP) fiscal stimulus package to address these challenges. This is an evolving situation which is likely to have serious public health, social, and economic consequences. The package contains a number of measures to address some of these consequences, including wage subsidies aimed at keeping people employed, an increase in social benefits, and tax changes that aim to alleviate some of the pressure tax may impose on cash flow.
It will be important that these measures are easily accessible for businesses and individuals. Time will be a key factor whereby getting the cash in the hands of those in need will be critical.
Read more in our Tax Tips Alert.
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