Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Small Business Welcomes Government Tax Package

Small Business Welcomes Government Tax Package

The initiatives contained in today’s Small Business Relief Package will provide welcome relief for cash strapped businesses according to the Wellington Regional Chamber of Commerce.

“Cash flow problems are an increasing area of concern for small businesses in particular and the measures announced today are a pragmatic response to the extraordinary economic conditions we currently face”, said Chamber CEO Charles Finny.

“Adjustments to the provisional tax rules will give businesses more flexibility in the timing of their tax payments. This is will be extremely valuable to them in the current economic environment.

“The announcement comes as our latest business confidence survey reconfirmed the difficulties businesses are facing in managing their cash flows and this initiative will be a welcome respite.

“The tax compliance measures, including the higher tax-return thresholds, will reduce the number of transactions small and medium sized businesses have with the IRD and will be well-received.

“The directive to government departments to pay their bills promptly is something Wellington businesses have been talking to us a lot about recently and we are pleased the government has acknowledged our concerns. In a survey late last year 28.6% of businesses told us they have experienced such delays in paying invoices.

“We are also pleased that the government will allow the New Zealand Export Credit Office to provide short-term credit insurance for exporters. A number of our members have reported difficulties over payments for exports in recent months.

“All in all this is a well-timed package which will go some way towards relieving the pressure on business at this difficult time,” Mr Finny concluded.

END

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


TradeMe: Supply Sees Biggest Jump On Record While Prices Continue To Slump

The number of properties for sale across the country saw the biggest year-on-year jump ever in July, while prices continued to drop according to the latest Trade Me Property Price Index... More>>


Reserve Bank: Ongoing Monetary Tightening
The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 3 percent from 2.5 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions... More>>



Statistics: Weekly Earnings Rise As More In Full-time Employment

Median weekly earnings from wages and salaries rose by 8.8 percent to $1,189 in the year to the June 2022 quarter, Stats NZ said today... More>>



Electricity Authority: Imposes Interim Restrictions On Very Large Electricity Contracts

Consumers of electricity will be protected from potentially paying more than they should due to the impact of very large electricity contracts on wholesale prices, under urgent changes announced today by the Electricity Authority... More>>


Westpac: Economic Overview, August 2022 – Pushing Through

The New Zealand economy faces some lean growth in the year ahead as households’ budgets are squeezed, according to Westpac’s latest Economic Overview... More>>


Kiwi Group Holdings: Fisher Funds Acquires Kiwi Wealth Business

Kiwi Group Holdings Limited (KGHL) today announced the sale of Kiwi Wealth to Fisher Funds for NZ$310 million... More>>