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New Zealand Announces Drought Relief For Farmers

by Mary Swire,, Hong Kong

24 January 2018

New Zealand on January 22, 2018, announced that tax relief measures will be extended to farmers in drought-hit areas.

Inland Revenue will allow farmers in drought areas to make late income equalization deposits for the 2016-2017 income tax year. They will also be able to apply for early refunds. This allows farmers to smooth out fluctuations in their income from year to year.

The territory's Revenue Minister, Stuart Nash, said: "We know the rural community is having a tough time. Many farmers will have more urgent issues on their minds than tax compliance. Inland Revenue has confirmed there will be greater flexibility and assistance for those affected. I am pleased that Inland Revenue is able to respond in a more accommodating way."

"I strongly encourage any farmers who are struggling to meet their tax obligations because of the adverse conditions to talk to their accountant and engage with Inland Revenue. We acknowledge the scale of the challenges faced by farmers in exceptionally dry conditions. If any farmer has concerns, please talk to the experts who can help," Nash said.

In late December and early January the Minister of Agriculture and Rural Communities, Damien O'Connor, classified the drought as a medium-scale adverse event across Taranaki, parts of Manawatu-Whanganui and Wellington, and the Grey and Buller districts of the South Island's West Coast. Local authorities affected by the drought classification are: Stratford, New Plymouth, South Taranaki, Whanganui, Rangitikei, Manawatu, Palmerston North, Horowhenua, Kapiti Coast, Upper Hutt, Porirua, Wellington, Lower Hutt, Grey and Buller.

TAGS: compliance | tax | value added tax (VAT) | tax compliance | goods and services tax (GST) | New Zealand | services

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