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News and updates Kawepūrongo me ngā pānui hou

Budget 2018 announcements

The Government has announced Budget allocations to the IRD:

  • $23.5 million over the next four years to improve Inland Revenue’s ability to ensure outstanding company tax returns are filed
  • $3 million for Inland Revenue to identify legislative opportunities over the next four years to improve tax compliance in specific industries, and
  • $4.3 million over four years to implement and administer the recently announced research and development tax credit

The Minister for Racing has also announced a proposal that the costs of a stand-out yearling acquired by an investor with an intention of breeding for profit would be deductible.

More information is available at the Tax Policy website and on the Treasury website.