Small business will bear the cost of FBT Changes
"Small business will bear the cost of administering Cullen's complex FBT regime. Even explaining the system to employers and employees is going to be ghastly."
"Cullen and Anderton talk about supporting small businesses but this new administrative burden will cost business heaps" according to National's Tax spokesperson, Annabel Young MP.
"Cullen needs to take a reality check and see the follow-on effects of his higher tax rates. This is just the beginning of the high administrative costs that come from multi-tiered tax rates. There is more complex administration to come."
"Small business just cannot afford to wear this cost. This will add to the end of the year tax-nightmare.""
Ms Young noted that the IRD would also have to step up its administration costs.
"This change will require a lot of education internally and externally and then the taxmen will have to police it as well."