Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

American Chamber supports R&D tax changes

Changes to the tax treatment of research and development spending will help attract foreign investment in New Zealand, says the American Chamber of Commerce in New Zealand (AmCham).

AmCham executive director Mike Hearn says Revenue Minister Michael Cullen's new accounting provisions were pretty much in line with AmCham's submissions to the government.

The government has agreed that all research and development spending able to be expensed under generally accepted accounting practice will qualify for immediate tax deduction from April 1 this year.

"Finally we giving local and overseas investors the right message,"said Mr Hearn.

"However we called for a total alignment of accounting and tax treatment and also raised the issue of the uncertain tax treatment of amounts carried forward for accounting purposes. Some businesses will not need to apply this generally accepted practice," said Mr Hearn.

"We now look forward to the Ministerial Review into the tax system encouraging a simplified tax approach which ensures the full tax

deductibility of all R&D expenditure."

End

For further information: Mike Hearn, 09 309 9140

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

'Unprecedented' Conditions: Genesis Coal Burn 5-Yr High

Coal-fired generation from Genesis Energy’s Huntly operations was the highest in more than five years in the December quarter, as a combination of low hydro storage and plant outages were compounded by tight natural gas supplies. More>>

ALSO:

Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>

ALSO:

GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>

ALSO:

Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO: