Dun & Bradstreet New Zealand supports the Inland Revenue Department (IRD) and The Treasury of New Zealand’s proposals to introduce legislation around greater business tax debt transparency to better protect the New Zealand business community.
Under the proposals, released by the IRD, businesses with significant tax debts will be disclosed to credit reporting agencies. The move will give businesses a comprehensive picture of other businesses’ total financial position, enabling them to make more informed commercial decisions when providing credit.
Dun & Bradstreet considers the proposals a very important step in improving the transparency surrounding credit information, of which taxation is a key component, in the New Zealand market. By disclosing tax debt information to credit reporting agencies, both businesses and consumers will be able to complete clearer and more complete assessments of the risk underpinning their commercial relationships.