New Zealand's Finance Minister Michael Cullen and Revenue Minister Peter Dunne have released three issues papers dealing with the tax credit options under the government's Business Tax Review.
The three issues papers, which have been prepared by officials, deal with R&D, export market development and skills training. They look at design details of how the tax credits might work, should the government proceed with them.
However, businesses have only until 1 December to comment on the issues in order for the government to meet its deadlines in writing the changes into law.
"While the timeframe is tight, we need to move with some speed to ensure any business tax changes can be in place by 1 April 2008 as planned," the Ministers explained.
The New Zealand government launched the Business Tax Review in an effort to boost national productivity and competitiveness, particularly in relation to Australia.
"As the review has noted, tax credits may play a role in fostering greater innovation, investment and improved productivity," the ministers stated.
"We are hopeful that feedback on these technical issues will guide our decision on whether to include them in the final package that we unveil next year," they noted.
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