Special report: CFCs & foreign dividends

The recently enacted Taxation (International Taxation, Life Insurance, and Remedial Matters) Act introduced new rules for the taxation of foreign companies controlled by New Zealand residents and for foreign dividends received by New Zealand companies. The new rules apply for income years beginning on or after 1 July 2009. A special report has been compiled to help affected taxpayers and their advisors understand the consequences of the changes, in advance of the publication later this year of an article in the "Tax Information Bulletin". For more information see the special report "New rules for taxing controlled foreign companies and foreign dividends".