New Zealand

Details

  • Service: Tax
  • Type: Business and industry issue
  • Date: 10/05/2011

Tax

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Taxmail - International Tax Bill 

Issue 1, May 2011

 

The Taxation (International Investment and Remedial Matters) Bill (the "Bill") has been reported back by the Finance and Expenditure Select Committee of Parliament ("FEC").

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The FEC has suggested a number of amendments to the proposals in the Bill, which include:

 

  • changes to the tax rules for non-portfolio Foreign Investment Fund ("FIF") investments to mirror the active business exemption for shareholdings in controlled foreign companies ("CFCs")
  • an extension of the thin capitalisation rules to non-portfolio FIFs and a new thin capitalisation test for "low asset" companies
  • a 0% rate of Approved Issuer Levy ("AIL") for certain qualifying bonds issued to non-residents.

 

Dinesh Naik

Partner

Auckland

Phone: 09 367 5867

dnaik@kpmg.co.nz

Tony Joyce

Partner

Wellington

Phone: 04 816 4512

tjjoyce@kpmg.co.nz

Taxmail - Comment on topical tax issues from KPMG NZ Tax. 

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