The “Exporting Financial Services” workshops with Craig Stobo held at Chapman Tripp during April have translated into a promise of rapid Government action.
The Government has committed itself to progressing the proposal to lift the tax burden from foreign investors in PIEs which themselves invest outside NZ. This is an important step in enabling NZ-based financial services to be promoted to a global market.
Design of the legislation will be progressed during the current year, and is expected to be incorporated in a tax bill to be introduced in November. The changes are likely to come into effect on 1 April 2010.
Fund managers and others in the industry should be considering now how they can make use of this opportunity, and what kind of legislation would best suit their operations. Chapman Tripp is well placed to advise clients on the proposals, and to assist them in having an input into the legislative process. Anyone with an interest in it should contact Tim Williams or Casey Plunket.
Click here for the March Chapman Tripp press release on this subject.