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The Government's Business Payment Practices Bill, which will reduce the stress and costs to small businesses of long payment wait times, passed its third reading today. "This new transparency regime will encourage larger businesses to improve their payment times, which are a significant problem for many small businesses," Minister for Small Business Ginny Andersen said. "Long payment terms create cashflow problems for small businesses, because they do not have large financial reserves to tide them over while they wait for large firms to pay their bills. "Small businesses make up over 97 per cent of all businesses in New Zealand and it's important they are well supported, particularly following the impacts of the pandemic, Cyclone Gabrielle and other severe weather events. "The Business Payment Practices Bill will require large businesses to publicly disclose their payment terms and how long they take to pay their bills. "By introducing more transpa

New zealandGinny andersenBusiness payment practices billSmall business ginny andersenCyclone gabrielleThe government 39s business payment practices billHich will reduce the stress and costs to small businesses of long payment wait timesAssed its third reading today quot this new transparency regime will encourage larger businesses to improve their payment timesHich area significant problem for many small businessesUot minister for small business ginny andersen said quot long payment terms create cashflow problems businessesEcause they do not have large financial reserves to tide them over while wait for firms pay their bills quot small businesses make up 97 per cent of all in new zealand and it 39s important are well supportedArticularly following the impacts of pandemicYclone gabrielle and other severe weather events quot the business payment practices bill will require large businesses to publicly disclose their terms how long they take pay bills by introducing more transparency from ona public register administered mbieMall businesses will be able to factor in payment times when they 39 re looking do business with them quot having access this information help small identify and avoid those firms which are slower pay than others there real reputational risk large who refuse their bills on time not only late overdue payments cause uncertainty forHey also hold back investment and job creation quot big businesses often use small asa credit facilityNd that 39s not ok quot the new system will be rolled out to largest organisations first those with 100 million or more in revenue reporting period for this begin 10 months after bill has passed