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New Zealand Still One Of World’s Best Places For Business,
by Mary Swire, for LawAndTax-News.com, Hong Kong
Thursday, September 11, 2008
New Zealand's Minister for Small Business, Clayton Cosgrove, has welcomed Wednesday's
release of the World Bank’s Doing Business 2009 survey, which shows that
New Zealand has retained its second place ranking for ease of doing business.
Mr Cosgrove said New Zealand’s regulatory environment has been consistently
ranked either No 1 or No 2 by the World Bank since the survey began. He said
for New Zealand to retain its second-place spot in the face of an increasingly
competitive global business environment is a fantastic result.
“This survey recognises the government’s ongoing drive to improve
the regulatory environment,” he remarked, adding:
“We have worked hard to minimise the amount of time business people spend
on paperwork so they can focus on their businesses. Today’s number two
ranking is an endorsement that our approach is working, and that this country
is one of the most business friendly in the world.”
The World Bank’s Doing Business survey is an annual cross-economy study
that measures government regulations and their effect on business across 181
economies. The Survey uses 10 key indicators to measure and compare ease or
difficulty of operating a business. Economies receive a ranking for each key
indicator; and an overall ‘Ease of Doing Business’ ranking.
Mr Cosgrove said a highlight from Wednesday's announcement is New Zealand’s
jump from third to first place for the 'Starting A Business Indicator.'
“The average number of days to start a business in the OECD is 13.4 days
while in New Zealand it takes approximately one hour. This is thanks to the
cooperation between the Companies Office and Inland Revenue which means new
businesses can be given their GST number at the same time as incorporating their
company online - a major time saver for small businesses," he continued,
going on to state:
“It is also worth noting that comparative to our Australian neighbours,
businesses here pay a lot less in tax as a percentage of their profits. In Australia
the total tax rate as a percentage of profits is 50.3% whereas in New Zealand
businesses pay 35.6%. This is also below the OECD average of 45.3%.”
Mr Cosgrove said the government recognises it must continue its programme of
improvements to retain New Zealand’s internationally competitive business
environment:
“Recent initiatives such as changes to the tax regime announced in Budget
2008 will have a positive effect on future survey results.
“The Standard Business Reporting project we are currently developing
will revolutionise government and business interactions, by allowing businesses
to file information only once with government, in one place, therefore reducing
the compliance burden and saving time," he concluded.
In addition, Mr Cosgrove said Wednesday's findings by the World Bank is one
of several independent studies showing ongoing improvement for New Zealand's
business environment. These include the latest Business New Zealand-KPMG Compliance
Cost Survey of business people that shows compliance costs have fallen by a
third since 2005 for firms employing five or fewer staff.
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