Revenue Minister Peter Dunne today tabled a bill aimed at providing earthquake relief through the tax system. The bill provides businesses with exemptions from tax and gift duty for trading stock donated up to 31 March 2012. Also exempted from tax would be certain welfare contributions provided by employers, within eight weeks of either the September or the February earthquake. In addition, the Bill extends the redundancy tax credit out to 30 September 2011, and provides the Commissioner of Inland Revenue with the power in emergency situations to exclude certain income from counting for some benefit abatement purposes.
For more information, see the media statement, the bill and the regulatory impact statements at: