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Firms Given More Time To Seek New Zealand's R And D Tax Perks

by Mary Swire, Tax-News.com, Hong Kong

06 August 2021


New Zealand has announced further extensions to due dates for applications for the country's research and development tax incentive for the 2019-20 and 2020-21 income years.

The Minister of Revenue said the due dates for years one and two (2019-20 and 2020-21) of the research and development tax incentive was to be extended "to give businesses more time to consider how the research and development tax incentive eligibility criteria applies to their activities and to make an application."

The incentive allows qualifying businesses to claim a 15 percent tax credit on their eligible research and development costs, against income tax liability. Loss-making businesses can apply to have the tax credit refunded or carried forward.

The Government intends to extend until August 31, 2021, the due date for year one (2019-20) supplementary returns and year two (2020-21) general applications and criteria and methodologies (CAM) approvals.

The year one supplementary return had initially been due by April 30, 2021, but was previously extended to June 29, 2021, in response to COVID-19. The year two general application deadline, initially May 7, 2021, was previously extended to August 7, 2021.

The Government said amendments to give effect to these extensions will be included in the next tax Bill, due to be introduced to Parliament in the second half of 2021.

TAGS: tax | business | New Zealand | research and development

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