New Zealand Inland Revenue has published for comment a draft Interpretation Statement concerning income tax deductions for businesses disrupted by the COVID-19 pandemic, as well as GST implications. The deadline for comments is 28 May 2021.
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Summary
1. Many businesses have faced significant disruption because of the COVID-19 pandemic. Some businesses have had to downscale or temporarily suspend their operations. Others have had to close completely. However, expenses and losses may sti…