New Zealand Publishes Draft Interpretation Statement on New business Continuity Test for Loss Carry-Forward for Further Consultation

New Zealand Inland Revenue has published a revised draft Interpretation Statement for further (re)consultation that provides guidance on how the main aspects of the new business continuity test apply for loss carry-forwards. As previously reported, the business continuity test was introduced as part of the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 enacted in March 2021 and may enable a company to carry forward tax losses despite a breach in o…