The PFIC regime has been in existence since 1986. Introduced in the Tax Reform Act, the regime closed a loophole. Prior to the change, assets could be transferred to entities organized outside the U.S., in order to escape U.S. taxation. As with other foreign...
New Zealand, unlike Australia, the United States and the United Kingdom, does not have a full-blown capital gains tax (CGT) regime. Increasing pressure is being put on New Zealand’s Prime Minister and leader of the country’s centre-right government, John...
If you’re a US citizen, now is the hour to ensure that you are reporting your KiwiSaver funds correctly. Firstly, let’s define what a KiwiSaver fund actually is. A KiwiSaver fund is a voluntary retirement fund which may be set up by anyone including employees,...
According to the Chief Advisor – International Audit – IRD, the top ten errors associated with international tax compliance with respect to the taxation of NZ tax residents are as follows: Error 1: NZ tax residents are taxable on income from NZ...
