Commercial eSpeaking Issue 66, Summer 2024 Edition – OUT NOW!
In this edition:
- Trial periods vs probation periods: both are useful for employers
- Whakaari/White Island eruption: health and safety lessons
- Business briefs: Cartel conduct: New Zealand’s first ever criminal cartel prosecution – Privacy proposals for biometrics – New reporting obligations for large businesses
IMPORTANT: Summer 2024 Edition Update >
In the Summer 2024 edition of Commercial eSpeaking published on 4 February, we ran a short item in the Business briefs section (page 4, column 4) on the Business Payments Practices Act 2023.
Despite no prior signal from the government, on 22 February the Small Business and Manufacturing Minister, Andrew Bayly announced the government will repeal this legislation.
The Minister said, “There is a major problem with large market players imposing long payment terms and routinely paying invoices late.
“However, the Business Payment Practices Act is not an effective solution and would impose unnecessary compliance costs to over 3,000 businesses upgrading their ICT systems. Australia implemented a similar scheme in 2020, but a recent review of the scheme’s effectiveness found that payment times have not reduced.
“Furthermore, small businesses can already find out which companies are late payers through a credit agency at minimal cost.
“The Government will be requiring government agencies to adopt faster payment times, including for eInvoices, which will support business cashflow and encourage the growth of eInvoicing.
“We will also work with BusinessNZ to create an industry-led voluntary code to ensure small businesses are paid on a more timely basis.”
When replacement legislation works its way through the House, we will let you know; the government has given no indication when this will be.
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