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Taxation (Business Tax Measures) Act 2009
The Taxation (Business Tax Measures) Bill was introduced into Parliament under urgency on 10 February 2009, passing through its final stages in Parliament on 26 March. The resulting Act received Royal assent on 30 March 2009.
The legislation introduces new tax rules aimed at improving the business environment for small and medium enterprises by easing the impact of taxes on their cash flows and reducing business tax compliance costs.
The new Act amends the Income Tax Act 2007, Tax Administration Act 1994 and Goods and Services Tax Act 1985.
The main purpose of the new rules is to help smaller businesses deal with the economic pressures currently being faced as a result of the economic downturn. The measures introduced were part of a wider package of relief measures aimed at helping businesses’ cash flows and reducing the amount of time that small and medium enterprises (SMEs) must spend on their tax obligations.