Payment Terms Legislation In New Zealand

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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
Comm_terms_law
Construction
Manufacturing
Retail_agriculture
Services

Laws

New Zealand enacted the Business Payment Practice Bill which requires companies with annual turnover of more than $33 million to report on their payment practices every six months.

Comm_terms_law
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Notes

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

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