10 Oct 2008

Red tape complaints

5:08 pm on 10 October 2008

A new survey shows tax and KiwiSaver are the red tape costs that most grate on business.

In their sixth compliance cost survey, KPMG and Business New Zealand found tax emerging as the main cost priority for business with 70% wanting change.

Business New Zealand says it is time for the Government to shoulder some the compliance cost burden.

Meanwhile, the Swiss-based World Economic Forum lists inadequate infrastructure, inefficient bureacracy and tax rates as New Zealand's main problems.

However, the forum rates New Zealand's banking system at 6.6 out of a possible seven, just behind Australia.

Most of New Zealand's banks are owned by Australian banks.