Tax laws favour foreign investors in infrastructure, Vector says

Tue, 22 Oct 2013

By Pattrick Smellie Oct. 22 (BusinessDesk) – Auckland electricity, gas and telecommunications network owner Vector says it is looking for opportunities in Australia rather than for acquisitions in New Zealand, where it says the tax laws favour foreign owners of utility assets. In an apparent swipe at foreign-owned competitors such as Wellington Electricity, Vector chairman Michael Stiassny told shareholders at the annual meeting in Auckland that acquiring network businesses in New Zealand would “imperil” the company’s prospects. “Infrastruct...

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