The Employers and Manufacturers Association (EMA) is welcoming a cross-party political focus on issues affecting small business, particularly around tax issues.
EMA CEO Kim Campbell says with three separate parties issuing similar small business tax policies in recent weeks, small business is finally getting some of the attention it needs.
“The IRD issued a Green Paper a few weeks ago suggesting ways of easing the provisional tax burden on small business; NZ First followed last week and today we’ve had Labour issue its own policy with a similar focus on easing that tax burden on small business,” says Mr Campbell.
“With three parties in alignment, perhaps we can make some progress on changing the way provisional tax is paid.
“At present the system forces small business to forecast earnings and pay tax on those earnings, often before the money comes in.
“That’s a heavy burden for a new business and can be quite punishing, so any change is welcome.”
Around 97% of all business activity in New Zealand is driven by the small business sector.
Mr Campbell added that; “Tax is just one area where the burden can be eased in this critically important sector of our economy, but it’s good to see multi- party alignment on at least one issue for the sector.”Since you’re here… we have a small favour to ask. More and more people want the Post than ever but advertising revenues across the media are falling fast. And unlike many news organisations, we haven’t put up a paywall – we want to keep our journalism as open as we can. So you can see why we need to ask for your help. The Post’s independent, investigative journalism takes a lot of time, money and hard work to produce. With investigative reporting, we often don't know at the beginning how a story will unfold and how long it might take to uncover. This can mean it is costly – particularly as we often face legal threats that attempt to stop our reporting. But we remain committed to raising important questions and exposing wrongdoing. And we do it because we believe our perspective matters – because it might well be your perspective, too. If everyone who reads our reporting, who likes it, helps to support it, our future would be much more secure. For as little as NZ$5, you can support the Post – and it only takes a minute. Thank you. Support The Post