Business Payment Practices regulations

Submissions closed: 26 February 2023, 5pm

The Ministry of Business, Innovation and Employment is asking for feedback on regulations to support the new Business Payment Practices disclosure regime.

The new Business Payment Practices disclosure regime requires large entities to publicly disclose information about their payment practices, including their payment times. A large entity is defined as an entity that has received $33 million or more in revenue over the two most recent accounting periods.

Regulations to support this regime will set out:

  • what business payment information large companies must provide
  • when they will need to provide it, and what periods it will cover, and
  • whether any classes of company should be exempted, and on what grounds.

MBIE is seeking feedback on what the regulations should prescribe. For more information on the proposed regulations, please refer to the discussion document published above.

Please note this is not consultation on whether or not to have a new Business Payment Practices regime. The Government has already made this decision and a Business Payment Practices Bill has been introduced to Parliament.

The Bill is available on the New Zealand Parliament website and will soon be open for submissions at Select Committee.