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New R&D Tax Regime Positive Step

The Government’s introduction of a new taxation regime for R&D expenditure write-off is a positive step for the IT industry said the Executive Director of ITANZ, Mr Jim O’Neill, today. “This move won’t turn us into Silicon Valley overnight. But with other nations moving forward through the implementation of taxation programmes to provide greater encouragement for R&D, New Zealand needed a more business friendly system.

“There is not a level playing field in the wider world. We’re not alone in wanting to encourage innovation and development based around new technologies. Other countries are using their tax systems in a much more aggressive manner to accelerate R&D progress.

“However, this is a significant step forward. It reflects recognition that New Zealand needs to join the game. It is not for us to say what is best for the country – that has to be a government judgement – but we can emphasise that any move such as this, which contributes to a better business environment for our members to increase R&D expenditure is welcomed.

“It indicates that the views of our members on the tax treatment of R&D as conveyed to the Government have not been ignored. We will continue to work for further change aimed at greater encouragement for firms to step up commitment to R&D programmes in New Zealand.”

For further information:
Jim O’Neill
Executive Director, ITANZ
Tel: (04) 472-2731 or 025-249-5657

ITANZ represents the Information and Communications Technology industry of New Zealand, a business sector that generates combined annual revenues in excess of $9.4 billion. ITANZ members account for approximately 85% of this revenue and directly employ more than 30,000 people. Our aim is to maximize the economic and social potential inherent in these technologies to create advantages for all New Zealanders.

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