New tax rules put before Parliament

Wednesday 31 March 2004

Revised tax rules for venture capital and a loophole on "sale and leaseback" deals and discounts for the newly self-employed formed a smorgasbord of tax changes introduced to Parliament yesterday.

By The Landlord

All the amendments had been signalled in advance.

Revenue Minister Michael Cullen said venture capital tax rules would be more closely aligned with those of Australia.

The move would enable New Zealand to better compete with Australia for venture capital, Dr Cullen said.

Foreign investors will be exempt from paying tax in New Zealand if they can not make use of tax credits in their own countries.

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