Business Number funding requirements now law
The New Zealand Business Number Funding (Validation and Authorisation) Bill received its third reading on 30 May. The bill is an omnibus bill introduced by Minister for Revenue Stuart Nash.
The bill validates the imposition and collection of fees under the Companies Act 1993 and the use of fees to the fund the New Zealand Business Number register (NZBN) and provides for future funding. These amendments are intended as an interim measure and will expire on 1 July 2023. After that the NZBN register and related functions will be funded from fees, charges, or levies imposed by regulations made under the New Zealand Business Number Act 2016 (NZBN Act).
The Act comes into force the day after the day on which it receives the Royal assent.
Part 1 – Amendments to the Companies Act 1993 – amends the Companies Act 1993.
Clause 4 (3) amends section 373 (Fees) by inserting 3(C), 3(D) which enable regulations to be made that authorise fees paid under the Companies Act 1993 to be used to recover the costs of the Registrar of New Zealand Business Numbers under the NZBN Act. Section 3(E) repeals new subsections (3C) and (3D) on 1 July 2023.
Clause 5 inserts new section 402 which validates the practice of using fees paid under the Companies Act 1993 to recover the costs of the Registrar of New Zealand Business Numbers under the NZBN Act.
Clause 6 inserts a provision that, further to new section 372(3C) of the Companies Act 1993, authorises the use of a portion of any fee imposed under those regulations to be used to recover the costs of the Registrar of New Zealand Business Numbers under the NZBN Act.
Part 2 - Amendments to New Zealand Business Number Act 2016.
Clause 8 repeals section 37(1)(g) That aspect of the regulation-making power, which provided for fees to be imposed in certain circumstances, is superseded by new sections 37A to 37C.
Clause 9 inserts new sections 37A to 37C into the NZBN Act. Those sections allow for regulations to be made that prescribe fees or charges or impose levies under the NZBN Act.
Last updated on the 16th September 2019