PHOTO: Robertson says the new measures are essential to help with the economic recovery from the health crisis. Photo credit: Getty
The Government is bringing in new measures to help small and medium-sized businesses (SMEs) through the COVID-19 pandemic.
New Zealand businesses have been struggling during the crisis. On Tuesday alone, Burger King New Zealand’s owner went into receivership, while NZME and 2degrees both announced plans to lay off staff.
Finance Minister Grant Robertson says despite $20 billion already going into supporting New Zealand businesses, more needs to be done to help SMEs survive the pandemic.
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The new measures include:
- A tax loss carry-back scheme (estimated cost $3.1 billion over the next two years)
- Greater flexibility for affected businesses to meet their tax obligations
- Changes to the tax loss continuity rules ($60 million estimated annual savings to business each year)
- Measures to support commercial tenants and landlords
- Further business consultancy support ($25 million in the next 12 months)
Robertson says the new measures are essential to help the economy recover from the health crisis.
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