David Parker announces tax relief for flood-affected businesses

David Parker said eligible businesses would not have to pay tax on insurance or compensation they received for damaged buildings, plant or equipment. (Image: NZME)

Staff reporters

Thu, 04 May 2023

Revenue minister David Parker has announced tax-relief measures for North Island businesses hit by recent flood damage.Unlike similar tax relief offered after earthquakes on the South Island, provision for possible managed retreat would be included.Parker said eligible businesses would not have to pay tax on insurance or compensation they received for damaged buildings, plant or equipment.“Normally, such payouts could result in taxable income, but a tax bill is the last thing needed by businesses struggling to get back on their feet,&rdqu...

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