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<p>The Minister of Revenue has today introduced the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Bill, the second taxation Bill in response to the coronavirus-induced economic crisis.</p>
<p>The Bill contains the following tax and non-tax measures:</p>
<p>- a temporary tax loss carry-back regime to provide cash-flow quickly to businesses;</p>
<p>- increases the administrative flexibility for Inland Revenue to quickly modify due dates, timeframes or other procedural requirements for taxpayers impacted by COVID-19;</p>
<p>- ensures the tax and social policy treatment of benefits and pensions paid to people stranded overseas is consistent with the treatment of equivalent payments to people in New Zealand;</p>
<p>- defers the commencement of provisions that restrict the performance of routine surgical procedures on animals so that farmers can continue to perform these;</p>
<p>- advances the commencement date of improved consumer protections under the Credits Contracts Legislation Amendment Act 2019, while deferring broad system changes; and</p>
<p>- extends the timeframe for certain Crown entities to provide planning documents to responsible or shareholding Ministers.</p>
<p>For more information, see the <a href="http://www.legislation.govt.nz/bill/government/2020/0240/latest/whole.html">Bill</a>, the <a href="/publications/2020/2020-bill-commentary-covid-19-torum-bill">Commentary to the Bill</a> and the Minister’s <a href="/news/2020/2020-04-30-second-covid-tax-bill-introduced#statement">media statement</a>.</p>
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