Chinese dairy giant Yili will pay $588 million for dairy co-op Westland Milk, it was announced overnight.
The Customs and Excise Bill, which passed its third reading in Parliament last Thursday, brings the collection of excise up to speed with modern business practices, says New Zealand Winegrowers CEO Philip Gregan.
“Customs has done a great job in modernising their systems to recognise modern business operations, while still meeting their excise collection requirements. Excise is reality for our industry and common-sense solutions to address industry concerns have been very welcome. It will save time and money for our members as we grow exports to $2 billion by 2020.”
Mr Gregan says the consultation process Customs has undertaken around the reforms has been an exemplar of genuine, transparent and effective consultation.
“We congratulate the Minister and officials on these changes and we look forward to the Act coming into force later this year.”