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Tax compliance costs for SMEs continue to fall - Foss

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Fuseworks Media
Fuseworks Media

Small Business Minister Craig Foss today welcomed a report showing tax compliance costs for small to medium-sized businesses (SMEs) continue to fall.

Inland Revenue and Research New Zealand surveyed 1206 SMEs about tax compliance costs in 2013/14 and compared results from two earlier surveys in 2004 and 2009. The report shows tax compliance costs have reduced by 11.7 per cent since 2004.

"This is excellent news for New Zealand’s small businesses but there is still more work to be done," Mr Foss says.

"The Government is committed to further reducing the cost of doing business with measures such as the Rules Reduction Taskforce and the recently launched public consultations on modernising and simplifying the tax system."

Discussions were held with 25 business owners following the 2013/14 survey to determine how Inland Revenue could further help ease compliance costs.

"I encourage small business owners to keep engaging with the Government and sharing their ideas for improving the business environment.

"Helping our small businesses grow will help the New Zealand economy grow," Mr Foss says.

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