WELLINGTON, March 27 (Xinhua) -- The New Zealand government continues to encourage research and development investment by providing a significant cash flow boost for Kiwi innovators.
"We're enabling businesses to receive 15 percent credit on eligible research and development expenditure as regular payments throughout the year, rather than having to wait for the money to be paid out after the end of the tax year," said Minister for Research, Science and Innovation Ayesha Verrall.
Applications for the "in-year" payments of the Research and Development Tax Incentive, were open on Monday, Verrall said.
It represented a win for businesses eager to invest in research and development, Verrall said.
Research and innovation are critical to meeting the biggest challenges and opportunities facing New Zealand, from combating climate change and preparing for and responding to natural disasters, she said.
"The government wants to make things as easy as possible for business," the minister said.
Ongoing investment in research and development grows the New Zealand economy, she said, adding it fuels innovation, drives economic diversification and increases productivity. ■