This week, Cabinet approved the development of a Business Continuity Package to help support the economy through the disruption caused by COVID-19. The Business Continuity Package includes: a targeted wage subsidy scheme for workers in the most adversely affected sectors; training and re-deployment options for affected employees; and working with banks on the potential for future working capital support for companies that face temporary credit constraints.

Moreover as part of the package: The Treasury and IRD have been directed to develop tax policy options in line with the goal of reducing the impact for affected businesses, to support businesses to maintain operational continuity; as well as the Treasury and MSD have been directed to develop policy options to support households to maintain incomes and labour market attachment.

This comes on top of the measures the Government has already announced in partnership with industries and business groups including:

• Support for the tourism and fisheries industries, an increase to regional business support funding, and directing government departments to cut payment times to businesses to 10 working days.

• IRD and MSD are supporting businesses and workers on issues like provisional tax readjustments, late payment and filing fees, wage instalment plans and income support.

• MSD’s rapid response teams are already in place in regions like Tairawhiti. And removal of the MSD stand-down period.

– TIN Bureau