Today the government confirmed that gift duty will be abolished, effective 1 October 2011.
The move is yet to be legislated, but the process is expected to commence this month by way of inclusion in a new tax bill.
This will be welcomed by private sector NZ, with the widespread practice of gifting programmes in place to transfer assets into such entities as family trusts.
I have written an article for AMCHAM on this which I will be posting today.
