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Business Finance Guarantee Scheme

Business Finance Guarantee Scheme

More small and medium-sized businesses may be eligible for the Business Finance Guarantee Scheme, with a simplified and expanded scheme now in place. Participating banks can provide new loans, increased limits to existing loans or a revolving credit facility to eligible businesses. The scheme supports banks to take on lending by government taking on the default risk of up to 80% of the loan. Changes to the scheme mean the loans can be used for capital purchases and projects in response to or recovery from COVID-19. This
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Provisional Tax and remission of Use of Money Interest (UOMI)

    The Government recently introduced a power to enable the Commissioner of Inland Revenue to remit UOMI where a taxpayer has been adversely affected by COVID-19. However, the provision may not be working as intended for taxpayers who make an underpayment of a provisional tax instalment due to COVID-19 related difficulties in accurately forecasting income. The amendment allows Inland Revenue to remit UOMI accrued on an amount of terminal tax payable for the 2020-21 tax year where the taxpayer failed to pay the relevant portions of the
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Charities Update

Charities and donee organisations - Part One Please note the following changes: ED0207a is the first of a 2 parts outlining how IRD will monitor and advise charities of the requirements for income tax exemptions and donee status. There are a lot of points to consider, including: • Charities must have an IRD number. • Charities must be registered with Charities Services (at IRD) to qualify as a tax charity. • Charities that are registered under the Charities Act will, prima facie, qualify for the income tax exemption for non-business income in s CW 41. • Business
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