Government term
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Small, innovative businesses are set to benefit from proposed changes that will allow them to claim tax losses on research and development, Revenue Minister Peter Dunne says.
A public consultation paper will be released in June on a proposal to allow tax losses arising from R&D expenditure to be refunded up to a certain limit. It will be targeted at R&D-intensive start-up firms.
“Small, innovative businesses that invest heavily in research and development are doing the right thing and we want more of them.
- Peter Dunne
- Revenue
- Budget 2013
Changes to the thin capitalisation rules will help ensure multinational companies investing in New Zealand pay their fair share of tax, Revenue Minister Peter Dunne says.
The changes flow from an issues paper released earlier this year.
“New Zealand welcomes foreign investors, but we expect everyone participating in the New Zealand economy to contribute their share of tax,” Mr Dunne says.
- Peter Dunne
- Budget 2013
Budget 2013 provides a permanent $6.65 million increase in annual funding for Inland Revenue to pursue property investment tax compliance, which is expected to return about $45 million a year, Revenue Minister Peter Dunne says.
The extra funding will begin in the 2014/15 financial year.
“This continues the Government’s focus on ensuring that everyone pays their fair share of tax,” Mr Dunne says.
- Peter Dunne
- Revenue
- Budget 2013
Budget 2013 will target overseas-based student loan borrowers with new initiatives to increase repayments and reduce defaulting, Tertiary Education, Skills and Employment Minister Steven Joyce and Revenue Minister Peter Dunne say.
“Overseas-based borrowers are continuing to let the side down with slow repayments and high levels of loan defaults, compared to those who stay in New Zealand and pay off their loans,” Mr Joyce says.
- Steven Joyce
- Peter Dunne
- Tertiary Education, Skills and Employment
- Revenue
- Budget 2013
Budget 2013 will provide relief for six areas of ‘black hole’ business expenditure, bringing in tax deductibility on items where it previously has not applied, Revenue Minister Peter Dunne says.
“Some of it will be deductible immediately, and other items over time, but it all continues the Government’s focus on providing an environment that supports business,” Mr Dunne says.
A number of situations where black-hole expenditure may occur had been raised by businesses, and as a result, the six proposed changes are:
- Peter Dunne
- Revenue
- Budget 2013