Prompt period for wool sales cut
PA Wellington The prompt period for wool sales has been reduced from 18 to 14 days, the New Zealand Woolbrokers’ Association and the New Zealand Council of Wool Exporters have announced in a joint statement.
The decision recognises the economic pressures in the farming industry and puts the payment for wool sold at auction on the same basis as auction sales for livestock. The introduction of the
new prompt will coincide with the application of the goods and services tax. Under the transitional provisions for the introduction of GST, sales in the latter half of September will be subject to the tax. The industry has agreed to defer the Dunedin sale set down for September 18 for a week. This adjustment to the sales roster will enable industry computers to be reprogrammed to take into account the new prompt period and GST.
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Press, 26 July 1986, Page 35
Word Count
148Prompt period for wool sales cut Press, 26 July 1986, Page 35
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