New Zealand Inland Revenue has issued Interpretation Statement IS 21/04 of 29 June 2021 concerning income tax deductions for businesses disrupted by the COVID-19 pandemic, as well as GST implications. The final statement is largely in line with the draft statement that was consulted on earlier in the year.
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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…