NZ making tax and regulatory changes to attract foreign funds

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NZ making tax and regulatory changes to attract foreign funds By TII News Service May 12, 2011 , Wellingon
PRIME Minister John Key wants New Zealand to become an international financial hub in the coming years. The New Zealand Govt has given some recommendations which are outlined in a report by the International Funds Services Development Group (IFSDG), a Task Force established by the Cabinet last year. The Acting Economic Development Minister David Carter is reported to have said that NZ could be a viable funds domicile – essentially a centre for funds accounts and administration – in around 10 to 15 years, and this could generate around USD 396m per year in export revenue and create around 2,000 to 5,000 high-value jobs, such as accountants, lawyers and trustees. The IFSDG has recommended that establishing New Zealand as a financial services centre would require clarification of existing tax policy, establishing the regulatory conditions necessary for a funds domicile and obtaining broad support. Carter said that the Govt is making some tax and regulatory changes that will make it easier for overseas firms to domicile their funds in New Zealand.

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