New Zealand's Revenue Minister Peter Dunne welcomed the passage of legislation on March 26 which will give effect to a NZD480m (USD277m) package of tax relief measures for the country's small and medium size enterprises (SMEs).
According to Mr Dunne, the changes - which were introduced by the government last month as a matter of urgency - "would help the small and medium-sized businesses that make up 96% of New Zealand's economy to weather the current downturn, by making it easier for them to manage their cash flows and meet their tax obligations."
The package includes removing the 5% "uplift" that businesses pay on provisional tax instalments for the 2008-09 and 2009-10 income years and changes to certain GST thresholds.
"The changes will help to relieve pressure on cash flows and lower compliance costs," Dunne explained, adding: "As such, it provides some very practical assistance to the small business sector when it needs it most."
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