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Budget signals IRD to start to enforce R&D rules

MEDIA RELEASE

Budget signals IRD to start to enforce R&D rules

Most businesses were claiming R&D anyway

For Immediate Release Sunday, June 18, 2000

The real message from this budget is that the Inland Revenue Department will start enforcing the tax rules on research and development, according to Opposition Revenue Spokesperson, Annabel Young MP.

"Most businesses were finding a way to claim R&D as an operating expense. Allocating costs to research and development is notoriously difficult and taxpayers erred on the side of claiming the expense everytime."

"This budget signals to every business that the IRD will be taking a stronger line in future. It is really a warning to all businesses who have been fudging the issue and claiming R&D."

"The real cost of this budget is that companies will now have to put a lot more time, effort and money into segmenting their R&D from their operations.

This is often virtually impossible but they now face an increased risk of being caught because the IRD will have to police the R&D rules in line with the budget statements."

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Annabel Young MP National Party Spokesperson for Revenue Visit the Tax Think Tank at http://www.tax.org.nz Send me an e-mail if you want to be added to my tax e-mail database


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