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    Global Daily Tax News, New Zealand Issues FIF Income Tax Guidance, (Oct 28, 2024)

    New Zealand's Inland Revenue Department has issued a new draft interpretation statement that is intended to clarify income tax issues relating to using the cost method to determine foreign investment fund (FIF) income.

    The interpretation statement exp ...

    New Zealand's Inland Revenue Department has issued a new draft interpretation statement that is intended to clarify income tax issues relating to using the cost method to determine foreign investment fund (FIF) income.

    The interpretation statement explains when a New Zealand resident investor can choose to apply the cost method to calculate their foreign investment fund (FIF) income on shares held in foreign companies. It includes some examples on when an independent valuation may be required to apply the cost method and how the cost method can be applied.

    Feedback is being sought by November 29, 2024.

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