Payment Terms Legislation In New Zealand

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newzealand

New Zealand

Please scroll down for a summary of payment terms in New Zealand and the various industries across which payment term legislation appears.

To access the complete international payment terms data, download the international payment terms whitepaper.

Industries Laws Codes Notes Interest Rate
Government
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Construction
Manufacturing
Retail_agriculture
Services

Notes

Although no law exists the New Zealand government has set itself a target of paying all supplier within 10 days.

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In 2020 the New Zealand government asked for submissions on a discussion paper proposing improving business to business payment practices. Among other things, the discussion paper proposed a maximum payment term of 20 days.

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The Business Payment Practices Act 2023 was repealed in March 2024 by the Business Payment Practices Act Repeal Act 2024, before most provisions came into force. The government shifted to a non-regulatory approach, working with BusinessNZ to develop a voluntary industry-led code to encourage timely payment to small businesses.

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