Regulations extend deadline for R&D tax credits; update to interest rate on loans for FBT

Two Orders in Council have been made:

• Tax Administration (Research and Development Tax Credit Deadlines for Taxpayers Affected by Weather Events) Order 2023

Deadlines for filing an approval application or supplementary return which fell between 26 January 2023 and 7 March 2023, have been extended until 31 March for taxpayers significantly affected by adverse weather events.

• Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2023

The new prescribed interest rate of 7.89% for calculating fringe benefit tax on low-interest employment-related loans applies for the quarter beginning 1 April 2023.

Inland Revenue has published special reports detailing the changes ahead of coverage in an upcoming edition of the Tax Information Bulletin.