COVID-19: To pay or not to pay tax in New Zealand?

KPMG NZ’s Andrew Tringham shares his thoughts on what New Zealand businesses should do if they can’t make their tax payments in full.

“Revenue is vanity, profit is sanity, but cash is king”Like many of the best quotes, the origin of this one has been lost to the winds of time. However, its words have never been more appropriate in today’s environment. As anybody who has run a business knows, “cash flow is everything”.Many New Zealand businesses are feeling the full force of the COVID-19 impacts and it is becoming increasingly difficult to pay creditors, including Inland Revenue.So, what should businesses do if they can’t ma...

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Authors: Andrew Tringham

Published Date: 20 May 2020