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So in that sense, we need to make sure that it is a genuine scientific improvement. Now, it's also worth noting that the rate here is generous-15 percent is a generous tax deduction-and, also, merck kgaa and merck co a low threshold. So what this is doing is really encouraging something which has wider benefits. It's a great innovation.

I sit on the Finance and Expenditure Committee with Dr Russell and many others, and I look forward to engaging in a robust discussion-Dr DUNCAN WEBB: -when he's not overseas. Oh, and Ms Allan, when she's not far too busy doing something else.

For that reason, I absolutely commend this bill to Revatio (Sildenafil Citrate)- FDA House. BRETT HUDSON (National): Thank you, Madam Assistant Speaker. We rise in support-at least at merck kgaa and merck co first reading-of the Taxation (Research and Development Tax Credits) Bill, with some reservations.

The reservations are actually historical fact. Historical fact should always trump optimism. So the research tax credit has been tried before krem if roche New Zealand-tried and proven to be rorted.

Now, I know this for a couple of reasons. One is I trust official advice-and I'll come to that in a minute-but I also know it because I had customers telling me not only that they were rorting merck kgaa and merck co when it was last in this country but how they were able to rort it. So particularly in the area of information technology, businesses were able to merck kgaa and merck co simple maintenance activities, upgrade activities, as research and development, and claim the tax credit.

An absolute rort-running all the way to the bank, which is possibly also somewhat symptomatic of the customer in question. So it is a rortable event. The official information of the time actually put that to the Governments of the day, both Labour and laceration National. The point they made was that a tax credit was far less certain and less likely to provide an incentive for genuinely new research and development.

Their advice of the day was that a grant-based system would be far more likely to create a genuine incentive for new research and development-that which wouldn't have otherwise happened. That might go some way to explaining why it was, for instance, that the National-led Government in 2008 and beyond chose to get rid of the tax credits and instead use a system of grants-based assistance to businesses in research and development.

So the rorting of it is a serious, serious issue. But the better question-Dr Webb said it's a question of whether we want research and development tax credits. Really, the question is: are tax credits a better method than other options available. The advice of some years ago suggests very strongly that that's not the case. Peripheral nerve damage are other elements of a tax credit, and particularly the implementation proposed, merck kgaa and merck co suggest that it is a suboptimal approach to, particularly, the grant structure that was used under the previous National Government.

Dr Webb has said it's a simple threshold to meet and the relief is quite generous-well, that's debatable, but that was his position. That being the case, there was therefore an incentive for as many businesses as possible to recode their activities to take advantage of it and to meet those so-called simple and worthwhile thresholds. But it also creates a system which simply means that if you meet the threshold, you get the cash merck kgaa and merck co, in effect-you get the credit.

So there's no cap on the actual expenditure for Government, and merck kgaa and merck co is what happened under the previous Labour Government-the actual cost of the merck kgaa and merck co relief was much higher than had been budgeted for.

But, secondly, it risks creating the ongoing expectation within business that they will always get that level of Government assistance to help part-fund, in effect, their research and development.

It creates an expectation that that will perpetuate. Well, the tax credit isn't going to do that. It's simply going to perpetuate the same level of assistance, no matter how much you do over how many years. You might take, for instance, our growth grants. Then over time we shifted that up, so they had to dnr what is it even greater than 50 duct of that investment from private briop sources before the Government would contribute the remainder.

That actually helps to wean-if I can use that word-businesses off an over-reliance on money from the State to undertake research activities that, principally, they are going to be the beneficiaries of. This tax credit system actually undermines that approach. But we do believe in listening to business. We Erythromycin (Benzamycin)- FDA in listening to New Zealanders.

These are all things worthwhile canvassing in select committee. It's for that reason that we will vote in support to go to select committee.

Hon STUART NASH (Minister of Johnson technologies Thank you very much, Madam Assistant Speaker. It's a pleasure to speak on this bill, lift a number of reasons.

First and foremost though, I'd just like to address a couple of the merck kgaa and merck co that Brett Hudson made. I hope that the honourable member does get to sit on the Finance and Expenditure Committee.

Further...

Comments:

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