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Budget 2014: Good news for business

Budget 2014: Good news for business

“Budget 2014 delivers a range of good news for New Zealand business,” PwC Corporate Tax Leader Geof Nightingale says.

“The return to surplus and the forecast reduction in debt relative to GDP delivers a stable fiscal platform that will give business the confidence to invest. It’s that business investment will drive economic growth and employment.

“Keeping Government expenditure increases to a rate lower than economic growth will reduce the pressure on rising interest rates and inflation, leading to less pressure on our exchange rate.

“Business will welcome specific measures such as additional funding for science and innovation, and to expand and support our access to markets in China, South America and the Middle East.

“Infrastructure investment in transport, health and education will all support the business climate in New Zealand.

“Further reductions in ACC levies of $480m in 2016 will further lower costs for employers making New Zealand business more competitive.

“We welcome moves to assist R&D intensive businesses by providing tax credits for loss-making start up R&D and allowing tax deductions for previously non-deductible “blackhole” R&D expenditure.

“By showing prudent fiscal management with some targeted additional spending, Budget 2014 should be well received by New Zealand business as providing the right economic settings to pursue business growth,” concludes Mr Nightingale.

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