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25 Apr 2019 18:16
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  •   Home > News > Politics

    The Government wants to cut red tape to encourage overseas investment

    The Government wants to cut red tape to encourage overseas investment

    But it also wants more discretion to decline applications that may not be in the national interest.

    The second phase of Overseas Investment Act reforms come after foreign purchases of residential property were banned last year, and forestry investment was simplified.

    Associate Finance Minister David Parker says some of the screening rules may be too pernickety.

    He says sometimes investors are put through the hoops, even though they're long term, reputable investors in New Zealand - who pay tax here and have been really good contributors to our economy.

    Submissions close on May 24 - and legislation's expected to pass by mid-2020.

    © 2019 Newstalk ZB, NZCity

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