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Greens welcome R&D tax changes

Greens welcome R&D tax changes; call for sustainable economy

21st March 2001

Giving greater certainty to business over tax deductability of R&D costs is a positive step, said Green Party commerce spokesperson Rod Donald

Under a tax bill to be introduced by the Government in April, business R&D expenses will be tax deductible.

"Aligning tax and accounting treatments of R&D is a great innovation. The Greens will support this amendment because it provides greater certainty for business and reduces compliance costs," he said.

However Mr Donald sounded a warning note about further moves on R&D saying that the Government has yet to put in place measures to ensure R&D was focussed on sustainable endeavours.

"The Greens want to see an ecologically sustainable economy, not just a knowledge economy" said Mr Donald.

"We would like to see requirements to ensure public sector R&D is focussed on moving us to an ecologically sustainable path."

Mr Donald said the Greens would be reluctant to support further tax concessions for private R&D without a broader commitment to New Zealand's sustainable development.

"Our research efforts need to sit within a broad national vision for an eco-nation." said Mr Donald. "Taxpayers dollars ought to be supporting our eco-entrepreneurs, not subsidising ecologically dangerous research such as genetically engineered crops or animals."


ENDS

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