New Zealand’s fund management industry is hoping that a report due to be released today, will recommend an end to capital gains tax on actively managed funds.
The report on taxation in the funds sector, compiled by former BT Funds Management chief executive Craig Stobo and entitled ‘Toward Consensus on the Taxation of Investment Income,’ is scheduled to be released by Finance Minister Michael Cullen. The investment industry is reportedly optimistic that Stobo will recommend that the 33% tax on fund gains should be abolished.
Tim Anderson, business manager for fund researchers FundSource revealed in a New Zealand Business Herald report yesterday that the industry was “quietly confident” the government would accept the recommendation.
"Basically, if they remove capital gains tax from managed funds then the returns could be the equivalent of 33 per cent higher," Mr Anderson observed.
A comprehensive report describing the investment fund sector in most key offshore jurisdictions, with details of the regulatory structure, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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