The New Zealand government has announced that it will bring in an amendment to its recently introduced Tax Bill to calm fears amongst the co...

The New Zealand government has announced that it will bring in an amendment to its recently introduced Tax Bill to calm fears amongst the country’s wealthy with overseas investments. Under the new proposal interests in foreign companies will be excluded from new tax rules for overseas investments in shares, for a period of five years, where: · The company is resident, and listed on a recognised exchange in Canada, Germany, Japan, Norway, Spain, the UK or the US; · The company is liable to income tax in the foreign country, because it has its domicile, residence, place of incorporation, or place of management there; ·The company is listed on a recognised exchange in New Zealand; ·The company is widely held and has a substantial New Zealand shareholder base. The company must not be a mutual fund, or investment trust.