The New Zealand government is to carry out a comprehensive review of the country's life insurance tax rules, Finance Minister Michael Cullen and Revenue Minister Peter Dunne have announced.
“Life insurance constitutes a major sector of the savings industry, with over $9 billion of savings funds under management,” the ministers stated last week.
They continued:
“A review of the life insurance tax rules is long overdue. The current rules have been operating in a largely unmodified form since 1990, even though the commercial, regulatory and savings environment has changed markedly over the last 16 years."
“The review will also look at whether life insurance should be included in the proposed rules for taxing portfolio investment entities, the subject of a bill currently before Parliament, to prevent it being disadvantaged relative to other savings vehicles."
“We expect the review to be welcomed by the life insurance industry, which has been especially keen to have life insurance included in the forthcoming investment tax rules. The review will, of course, be conducted in full consultation with the industry."
They concluded: “Any changes emerging from the review will be included in a tax bill to be introduced next year."
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