New Zealand Tax Agency Seeks Comments on Exposure Drafts on Company Amalgamation Rules

The New Zealand Inland Revenue Sept. 10 opened a consultation on Exposure Draft Nos. PUB00457/A, PUB00457/B, and PUB00457/C, regarding proposed interpretation statements and FAQs to clarify the tax treatment of corporate amalgamations. Topics covered include: 1) income tax and GST treatment of amalgamations, including amalgamated companies’ rights and obligations; 2) an overview of the rules governing financial arrangements between amalgamated companies and amalgamating companies; 3) application of the de minimis exemption threshold for amalgamated companies; 4) answers to FAQs regarding how amalgamated companies calculate their available subscribed capital (ASC) following amalgamation, with examples; and 5) information on the treatment of ...