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4 - Policy report: Update on R&D tax credit

Document number 4
Date 15 February 2018
Type Policy report
Title Update on R&D tax credit
Reference IR2018/093
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Contents

Tax policy report: Update on R&D Tax Credit


Date: 15 February 2018 Priority: High
Security Level: In Confidence Report No: IR2018/093

Action sought

  Action Sought Deadline
Minister of Revenue Note the contents of this report 19 February 2018

Contact for telephone discussion (if required)

Name Position Telephone
Richard Braae Senior Policy Advisor [Withheld under section 9(2)(a) of the Official Information Act 1982]
Keith Taylor Policy Manager

15 February 2018

Minister of Revenue

Update on R&D Tax Credit


Executive summary

1. Officials from Inland Revenue (IR), MBIE, Treasury and Callaghan Innovation are working on a series of reports relating to the design of the R&D tax credit. You will be asked to make decisions that will inform a Discussion Document on the tax credit.

2. Officials from IR and the other departments recently met with Australian officials to learn about its tax credit. These discussions highlighted risks with an R&D tax credit that are relevant to the design of the New Zealand scheme.

Recommended action

3. It is recommended that you:

Note the contents of this report.

[Withheld under section 9(2)(a) of the Official Information Act 1982]

Richard Braae
Senior Policy Advisor
Policy and Strategy

Hon Stuart Nash
Minister of Revenue
 / /2018

Background

4. You will shortly receive a series of briefing papers on the R&D tax credit:

  • Two papers for you and Minister Woods seeking decisions on the tax credit for the Discussion Document
  • A report from officials (including IR) who travelled to Australia to learn about its tax credit

5. These reports may not be received by your office before your overseas travel. You will meet Minister Woods to discuss the reports on your return.

Goals for the R&D Tax Credit

6. Inland Revenue has worked with MBIE, Treasury and Callaghan Innovation and our goal has been to seek an agreed set of recommendations for Ministers to consider. [Withheld under section 9(2)(g)(i) of the Official Information Act 1982]

Lessons from Australia

8. The main lessons IR officials took from our Australian meetings were:

​[Withheld under section 6(b)(i) of the Official Information Act 1982]