Business communities invited to have their say on details of new payments disclosure regime

This regime will require large firms (those with turnover of $33 million a year) to publicly disclose information on their payment practices, including payment times, to help smaller businesses decide who to do business with.

The Ministry of Business, Innovation and Employment (MBIE) is now asking for feedback from business communities on details such as what information should be disclosed, how it should be disclosed, and the process for how exemptions from the regime would work.

This consultation is open from 28 October 2022 until 26 February 2023.  Business communities, including reporting entities and small businesses, are encouraged to provide feedback to help shape the final regulations and reporting measures. The discussion document, along with information on how to have your say, is available on MBIE’s website.

Have your say on Business Payment Practices regulations

Shortly, the Bill that will put this regime in place will be open for submissions at Select Committee. Interested parties can see the Bill and, once it has been referred to a Select Committee, will be able to make a submission here.

Business Payment Practices Bill(external link)  — New Zealand Parliament

Reporting on payment times is expected to start in 2024.