UPDATE: Key announces major provisional tax changes for business

Wed, 13 Apr 2016

(Adds comments from Key, additional detail) By Pattrick Smellie April 13 (BusinessDesk) - Lumpy provisional tax payments and penalties caused by income miscalculation will become a thing of the past for small and medium-sized businesses under a business tax reform package announced by Prime Minister John Key in the first major speech ahead of the May 28 Budget. The planned changes will allow businesses turning over less than $5 million a year to choose a pay-as-you-go option rather than the current provisional and terminal tax system,...

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