New Zealand's Taxation (Research and Development Tax Credits) Act 2019 received Royal assent (was enacted) on 7 May 2019. The legislation includes measures for the introduction of a new 15% tax credit for eligible expenses incurred for R&D activities in New Zealand. The main aspects of the Act are summarized as follows:
Eligible Persons
A person may be eligible for the R&D tax credit if the following requirements are met:
- the person or a joint venture of which the person is a me…