New Zealand Inland Revenue has announced that the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Bill was submitted in parliament on 30 April 2020 and was approved and received royal assent (was enacted) the same day. According to the media statement from the Minister of Revenue Stuart Nash, the two main tax measures include:
- a tax loss carry-back regime to provide cash flow quickly to businesses, by allowing losses to be carried back one year; and
- allowing the Commission…