We are proud of the culture that exists at KPMG. We put our people first; they are just as important as our clients and we encourage them to be themselves and be the best they can be.
KPMG is proud to be sponsoring an award category at this year’s HSBC NZCTA Chinese Business Awards.
Smarter procurement: keeping you up to speed with developments in national and international infrastructure procurement and partnering.
The FATCA rules are wide-ranging and will require non-U.S. financial institutions, investment entities and insurance companies to report details on their US clients and owners.
We provide focused and practical audit, tax and advisory services to the insurance, retail banking, corporate and investment banking, and investment management sectors.
We understand the issues faced by agribusiness companies and can tailor solutions to meet these challenges.
Onwards and upwards? 2012 saw profitability for many institutions improve to near record levels.
We have a unique opportunity to plan and rebuild New Zealand’s second largest city to meet the needs of generations to come. Funding such an undertaking is just one of the challenges before us.
Bring your skills and experience to KPMG, and you’ll be given the opportunity to make your mark from day one. You’ll be involved in challenging, interesting work across our impressive portfolio of clients.
Choosing your first firm is a big decision. It’s important to us too. We need to know the fit is right for both of us.
Issue 2, 6 April 2011
The Government has introduced a Supplementary Order Paper ("SOP") to the Taxation (Tax Administration and Remedial Matters) Bill to remove tax disadvantages to non-resident investment in PIEs. The SOP is available at www.taxpolicy.ird.govt.nz.
Currently, non-resident investors in PIEs are taxed at 28% on their PIE income.
This results in over-taxation for such investors on the PIE’s foreign assets (a 0% New Zealand tax rate should apply) as well as NZ investments (New Zealand dividends and New Zealand sourced interest are generally taxed at 15% and 10%, respectively, with the latter reduced to 2% under the Approved Issuer Levy, for direct investment).
The Foreign Investment PIE proposal, which is optional, aims to replicate this treatment for non-residents.
Please refer to the article for the key features.
If you have any questions on the above, please speak to your usual KPMG advisor or contact:
Paul Dunne
Partner - TaxAucklandPhone: +64 9 367 5991
pfdunne@kpmg.co.nz
John Cantin
Partner - Tax
WellingtonPhone: +64 4 816 4518
jfcantin@kpmg.co.nz
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