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


Tax Simplification Work Welcomed By Business NZ

The Government's discussion document on tax simplification is most welcome, says Business NZ Chief Executive Simon Carlaw.

"It is a major step forward, especially for small and start-up businesses, and is an indication that the Government is taking business issues seriously.

"Some issues need further work, for example the proposals on provisional tax don't go far enough. The discussion document proposes that companies deposit their income into a bank account, with the bank paying a nominated fixed percentage to Inland Revenue on a regular basis. This would ease some of the yearly calculation burden on businesses, but it would not address the problem of the fixed percentage itself. Under normal variable business conditions, the ratio could change rapidly, so there needs to be a way of adjusting the rate during the year.

"And more needs to be done in the area of penalties. Under the current regime, many companies overpay provisional tax simply to avoid incurring high penalties for underpayment. A progressive penalty structure - with a low penalty if firms underpay in any year and an increasing penalty if they underpay on a regular basis - would stop the need to overpay.

"I would recommend all business people look at the proposals and contribute further views to build upon the extremely positive start that has been made," Mr Carlaw said.

Contact Simon Carlaw 04 4966555 or Kathryn Asare 021555744

© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news