Small businesses to be consulted on changes to prevent late payments
Published: 26 February 2020
We’re asking small businesses what they think of two proposals which aim to improve business-to-business payment practices in New Zealand:
- A maximum payment term of 20 days to ensure small businesses are reimbursed for their services more quickly.
- The right for small businesses to charge interest on overdue invoices and debt recovery fees for late payments.
Set out in a discussion paper, released today by the Minister for Small Business Stuart Nash, the proposals are designed to boost business-to-business cash flow, and give small businesses more power to address and recover late payments.
Submissions are open until Tuesday, 14 April.
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