The government of New Zealand has put an end to tax perks which played a key role in attracting overseas film companies to locate their productions in the country, according to reports in the national media this week.
According to the New Zealand Herald, the government abruptly withdrew tax free allowances for stars and local film crew employed by the foreign firms, a move which has angered the nation's film industry, which was not consulted about the change.
The Herald report revealed that Tom Cruise vehicle, The Last Samurai, was the first production to be affected by the new rules. The producers of the NZ$170 million project have since revealed that they were not informed that daily payments and accommodation allowances for cast and crew should be treated as taxable income until after shooting had started.
The Inland Revenue Department refused to comment on the individual case, explaining to the national newspaper that it is currently 'working through tax issues'.
.
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment