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Tax Breaks Gone: Govt. muddled over business

Tax Breaks Gone: Govt. muddled over business

"Dr Cullen's admission that the Labour/Alliance Government is not proceeding with an expansion of tax breaks for R&D will be greeted with anger and dismay by thousands of entrepreneurial businesses throughout New Zealand," Opposition Economic Development spokesperson Max Bradford said today.

"Labour promised full deductibility of R&D expenditure in the run up to the last election.

"Labour promised tax breaks again by Helen Clark in her speech to the throne at the beginning of this year when she proclaimed that her government "will change the taxation regime to ensure that it is more favourable in its treatment of research and development costs".

"They tell business they will deliver for them - but they don't. There is no clarity or direction to this Government's approach to business. When that's combined with the public infighting all they are doing is creating uncertainty and instability in the business sector.

"This is more evidence that the Government has very few clues about what they will actually offer business.

"In contrast National introduced the extended Technology for Business Growth grants scheme.

"Given that they've got no idea what they should be doing for business I call on them to add more money into National's initiative."

Ends

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