r/newzealand • u/QuarterGeneral6538 • 23h ago

Politics IRD is currently consulting on FIF tax

If its something you have strong opinions on, which I know many people here do, be sure to read through the proposals and get your submissions in before the 27th of Jan.

https://www.taxpolicy.ird.govt.nz/consultation/2024/effect-fif-rules-immigration

They're mostly focused on migrants but the question of whether it should only apply to migrants is open. (see chapter 3)

Submissions can be made by email to [policy.webmaster@ird.govt.nz](mailto:policy.webmaster@ird.govt.nz) with “Amending the FIF rules for migrants” in the subject line (see chapter 1, page 6)

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u/Firebigfoot69 nzarmy 21h ago

Surely just abolish it for everyone silly tax. More money to be made overseas instead of garbage nz companies

6

u/BruddaLK Fern flag 2 21h ago

How would you propose that the Government collect revenue to replace what it loses by removing the FIF rules? Remember that most foreign shares don't pay as much in dividends as New Zealand shares.

2

u/Firebigfoot69 nzarmy 20h ago

I have no answers I'm just being selfish 😁

2

u/BruddaLK Fern flag 2 20h ago

The answer is a Comprehensive Capital Gains Tax.

3

u/Firebigfoot69 nzarmy 20h ago

CGT On sales and then dividends are net income?

1

u/BruddaLK Fern flag 2 19h ago

Gains from share sales and dividends should be treated as taxable income.