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NZ Life Sciences welcomes Govt R&D plans

NZ Life Sciences Network welcomes Government plans for R&D tax changes

"The Government's commitment to make investment in all research and development expenditure eligible for full expensing and to accelerate the depreciation regime for new capital investment in technology will be music to the ears of the research community," the interim chairman of the NZ Life Sciences Network, Doctor William Rolleston, said today.

"It is most unfortunate the Government's commitment to change will take time to realise because, as recent events have shown the research sector is suffering from lack of investment and opportunity.

However, we are grateful the incoming Government has recognised New Zealand's future as a scientific centre of excellence depends on a taxation system which embraces technological change.

"To be able to compete on an even footing we have to have a taxation regime which provides similar benefits to those countries with whom we compete. The current R&D tax regime is distorting and provides a disincentive to local and international investors.

"Without urgent action we will continue to see the science brain drain continue. It is good to see the Government take some steps in the right direction."

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