The New Zealand Government
has introduced new anti-tax avoidance laws aimed at stemming the
use of foreign tax credits. The new measures have been under consideration
since 1994 but were put on hold because of an inquiry into the
use of offshore tax havens by New Zealand corporations, many of
which use offshore centres in the Pacific such as the Cook Islands
as tax shelters.
The new law clarifies the legal position on foreign tax credits
and gives the New Zealand Inland Revenue the power to declare
void any tax minimisation arrangements involving tax credits from
another country, thus also making it easier for the Revenue to
make determinations against countries whose tax practices it considers
unacceptable.
Under the new laws, foreign tax credits will now not be available to New Zealand tax payers if a corresponding benefit is provided to an associate of the taxpayer
.
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