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Provisional Tax Changes will help small business

2 November 2008

Provisional Tax Changes will help small business

The proposed changes to provisional tax confirmed in Labour’s economic package unveiled today will be especially welcomed by small and medium sized business, Michael Barnett chief executive of the Auckland Chamber of Commerce said today.

In a boom-bust economic environment in which a downturn and upswing can occur virtually without warning, it is important that a business have the flexibility over its taxation arrangements with Inland Revenue to be able to maintain a stable cash flow situation.

He was responding to Labour’s announcement that for the period 15 January next year to May 2010 that if returned as Government it will enact legislation to reduce the use of money interest rate for underpayments of provisional tax to the same level as that paid for overpayment of provisional tax.

ENDS

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