Blue Chip seeks tax ruling
Sunday 10 October 2004
Listed housing specialist Blue Chip New Zealand has yet to obtain a binding ruling from Inland Revenue on a unique tax structure the company uses to attract investors.
By The LandlordManaging director Mark Bryers said the company made its final application late last year and was hoping for an early decision from the IRD.
"As I understand it, we have fulfilled all the process requirements that they were seeking."
Blue Chip, which gained NZX listing earlier this year via a reverse takeover of ex telecommunications company Newcall, promotes residential investment to investors who have paid off part or all of their mortgages. The company holds seminars, finds tenants and manages the housing portfolios.
One of the advantages the company claims it has over competitors is its tax structure.
However, neither Bryers nor new chairman Jock Irvine would disclose details of the system for fear of giving away valuable intellectual property.
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