13 December 2006
ING Property Trust welcomes new tax reforms
ING Property Trust (“ING”) has welcomed the potentially significant benefits to its unitholders arising from the reforms
contained within the Taxation (Annual Rates, Savings Investment and Miscellaneous Provisions) Bill, which was passed by
Parliament today. In conjunction with the Property Council of New Zealand and other major New Zealand listed property
vehicles, ING has been involved in successfully lobbying Parliament on a number of specific issues.
Consequently, Parliament endorsed several amendments that will result in a larger number of investors in listed property
vehicles being able to enjoy the benefits of the Portfolio Investment Entity (“PIE”) regime.
The PIE regime will have certain tax advantages, including the new tax pass-through environment which should entail
increased net distributions for unitholders. At this stage, ING intends to elect to become a PIE, with an effective
start date of 1 October 2007.
ENDS