Government to review tax rules on closely held companies

Tue, 08 Sep 2015

By Pattrick Smellie Sept. 8 (BusinessDesk) - The government is moving to tighten and simplify tax rules for closely held companies of five or fewer shareholders, one of most common vehicles used in New Zealand, and to simplify rules for non-corporate shareholders to receive tax-free capital gains. Revenue Minister Todd McClay issued a discussion document on the proposals, which build on tax law changes announced in 2010 that ended the use of vehicles known as loss-adjusted qualifying companies (LAQCs) and replaced them with a look-throug...

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