With Australia as part of its international tax reform further increasing the scope of its branch profit exemption, the New Zealand Inland Revenue reminded taxpayers on 30 November 2005 of Part B of Sch. 3 of the New Zealand Income Tax Act.
Should a grey-list controlled foreign company (CFC) apply any of the listed preferences in the calculation of its home country tax liability, it is a tax concession grey-list CFC and is required to attribute its income or loss. The attributed income o…