Let them eat PIEs: why tax hike could see rich flow to funds

Let them eat PIEs: why tax hike could see rich flow to funds
David Chaplin
New Zealand investors have been gorging on PIEs since 2007, consuming more than $100 billion worth of the attractively packaged, tax incentive-flavoured funds.Also from April 1 this year, the portfolio investment entity (PIE) tax active ingredient will come in an even stronger concentration for high-income earners caught under the new high marginal rate introduced by the Labour government.Those earning more than $180,000 each year from most sources will be hit with a marginal tax rate of 39 percent for the coming financial year, up from the cur...

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