Proposed changes to the taxation of investment income has been the subject of debate for some time now.
Since at least October 2001 when the McLeod Report was released, there has been comments, criticisms and variations on the theme.
Amid the rhetoric, one could well be excused for not knowing what was proposed, what was rejected, what was promised and what might still be on the drawing board. Set out below is a short chronology of events to date. We expect the next announcements next month followed by a Bill (dealing with both the domestic and off-shore proposals) in May.
The Government has recently reiterated its preference for a “look through” approach for domestic investments made through collective investment vehicles. However, in relation to offshore investments it has recognised the public opposition to the repeal of the grey list exemptions. There has also been suggestion of preferential treatment for Australian investments.
We will keep you informed of developments in future updates.
In the meantime, if you have any questions please contact your usual Bell Gully advisor or any of those listed below. (Click on timeline to enlarge.)
Bell Gully Tax Team News
Bell Gully's tax team has this month been named as clear market leader in New Zealand for the second consecutive year by International Tax Review's World Tax 2006 guide. The guide notes the firm's "stable of eminent specialists" and its ability to "offer a broad spectrum of first-rate advice".
Bell Gully has been named IFLR New Zealand National Law Firm of the Year for the third consecutive year. Firm Chairman David Simcock will receive the award at the IFLR Asian Awards 2006 ceremony at the Ritz-Carlton in Hong Kong in March. It is the third year in a row, and the fourth time in five years, that the firm has received the award from respected global legal publisher International Financial Law Review. The awards recognise the leading legal advisers in international corporate and financial transactions over the past year.
For further information, please contact your usual Bell Gully advisor or: