The Prime Minister’s statement that he wants New Zealand to become an "international financial hub" for managed funds was today welcomed by Chapman Tripp Partners Casey Plunket and Tim Williams.
"We interpret it as a signal that the Government plans to reduce foreign investor PIR tax rates for unit trusts established in New Zealand to invest in foreign assets. This would remove the current tax disincentives on overseas investors from investing in New Zealand-based international funds.
"We have been part of a group with Craig Stobo pushing for just such a change for some while and consider that it has the potential to unleash a considerable economic opportunity for New Zealand at relatively little cost to the New Zealand tax base.
"We look forward to this year’s budget with interest," they said.