Labour to Back Innovative Farmers

October 21, 2011 New Zealand Taxation

cp2The Labour party is looking to woo voters from the agricultural sector with a set of new policies aimed at protecting the New Zealand farming industry.

In a media statement released on October 20th the New Zealand Labour Party said that “brave thinking” is needed in the national agriculture sector. The Party said that it is committed to shaping future economic and taxation polices to promoted agriculture in New Zealand.

As part of its plan, the Labour Party proposes a doubling of the current budget of the Sustainable Farming Fund, which aims to provide financial aid to agricultural projects which deliver economic, environmental and social benefits to New Zealand’s land-based primary industries.

If elected, the Labour Party will also reinstate the national 12.5 percent tax credit for enterprises engaging in development of new technologies. It is hoped that the grant will spur a renewed drive towards greener and more economically productive technology.

The Labout Party is also looking at tightening regulations surroduing the purchase of national agricultural lands by overseas residents. New rules will be established whereby foreign citizens will need to demonstrate that they will be able to offer additional value to the country before they are allowed to acquire local property.

Photo by IRRI Images