A new bill aiming to slash red tape has been introduced to Parliament. A new bill aiming to slash red tape has been introduced to Parliament.Minister for Regulatory Reform Rodney Hide said the bill would amend 13 Acts and remove duplication, unnecess
A new bill aiming to slash red tape has been introduced to Parliament. A new bill aiming to slash red tape has been introduced to Parliament.
"Last year, I wrote to all ministers asking them to identify laws in their area that were creating a burden on business and could be changed," Mr Hide said.
He said the changes would save businesses millions of dollars.
"New Zealand businesses face enough challenges without having to grapple with compliance costs caused by unnecessary regulation.
"This bill will slash red tape across a number of areas, removing some of the hidden costs that regulations are creating for business."
Among changes was a proposal to amend the Companies Act 1993 to allow companies to choose whether to use electronic shareholder participation. Mr Hide said that could save New Zealand companies $1.5 million in total each year.
Another change was to amend the Unit Trusts Act 1960 so financial statements and accounts could be distributed electronically and amend the Films, Videos, and Publications Classification Act 1993 to modernise labelling. That would reduce compliance costs by an estimated $2.4m in the first year and $3.1m in year five.
Mr Hide also announce he would be repealing 206 regulations through the Regulatory Reform (Revocations) Order.
