Milestone for Research and Development

NZ First Party

Fletcher Tabuteau, New Zealand First Deputy Leader

New Zealand First is celebrating the passing of the Taxation (Research and Development Tax Credits) Bill, which introduces a research and development (R&D) tax incentive for New Zealand businesses.

“This incentive will be crucial in maintaining our nation’s competitive edge in areas where we are already world leaders, and diversifying to gain a foothold in other industries,” says New Zealand First Deputy Leader, Fletcher Tabuteau.

“New Zealand First has consistently campaigned to introduce such a tax incentive, and increase public spending on R&D to encourage business and economic growth.

“Under the previous Government’s failed grant scheme, R&D spending continued to lag behind international competitors. Finding a way forward to close this gap was a priority for New Zealand First during coalition negotiations.

“This tax credit is an important step towards fulfilling the Coalition Agreement commitment to work towards increasing Research & Development spending to 2% of GDP over ten years.

“The passing of this Bill is a significant milestone for the Coalition Government and we commend the work of Research, Science and Innovation Minister Woods, on this research incentive,” says Mr Tabuteau.

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