Comments are due by January 27, 2025.
Inland Revenue released a consultation document on proposed changes to the existing foreign investment fund (FIF) rules for individuals immigrating to New Zealand, aimed at simplifying the tax obligations for new or returning residents and making the rules fair and equitable.
Specifically, the consultation document suggests introduction of an elective alternative method of taxation to the deemed income method that applies under the existing FIF rules to portfolio (i.e., less than 10%) shareholdings in foreign companies. The new method of taxation generally would apply only to immigrants or returning New Zealanders who become subject to the FIF rules after a specified date and only for unlisted shares acquired in advance of immigration to New Zealand.
Comments on the consultation document are due by January 27, 2025.
Read a December 2024 report prepared by the KPMG member firm in New Zealand