New Zealand COVID-19 Economic Package Announced

The New Zealand Treasury has announced an NZD 12.1 billion package to support New Zealanders, their jobs and businesses from the impact of COVID-19. The main tax measures of the package are summarized as follows.

Reintroducing depreciation on commercial and industrial buildings

Depreciation deductions will be reintroduced for new and existing industrial and commercial buildings, including hotels and motels. This will help support businesses with cashflow in the near-term and assist with t…