Media Statement
17 May 2006
Government Caves In To GPG
The five-year holiday from the unpopular new foreign portfolio investment tax rules just announced by the Minister of
Revenue will be welcomed by GPG shareholders, says Ernst & Young Tax Partner Matthew Hanley.
"It represents an acknowledgement from Government there are underlying issues in the the proposed rules for taxing
offshore share investments," says Mr Hanley.
The five-year holiday will be limited to investments in companies that meet certain criteria. The change will be made by
way of a Supplementary Order Paper to the taxation bill introduced into Parliament today.
Matthew Hanley is a tax partner with Ernst & Young. The views expressed are his own and do not necessarily represent those of Ernst & Young.
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