Source: New Zealand Parliament
This bill would introduce a system that aims to bring transparency to business-to-business payment terms and practices in New Zealand.
The bill would require organisations with more than $33 million in revenue, for two or more consecutive accounting years, to disclose their payment practices twice a year. Specifically, this would include:
- payment practices related to late and overdue payments
- practices related to the payment terms they set.
The bill aims to address feedback from small businesses that late payments and lengthy payment terms have harmed their business. Late payments can disrupt cash flow, cause unnecessary borrowing, and make it difficult for businesses to continue operating.
Tell the Economic Development, Science and Innovation Committee what you think
For more details about the bill:
For any queries, please contact:
Economic Development, Science and Innovation Committee staff
edsi@parliament.govt.nz
