Live Breaking News & Updates on Ecause 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 Supported

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 ....

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