New Zealand Tax Agency Seeks Comments on GST Exposure Draft on Fees for Fund Management

The New Zealand Inland Revenue Aug. 30 opened a consultation on Exposure Draft No. PUB00486, for a GST interpretation statement on fees paid to and by fund managers. Topics covered include: 1) the treatment of the services that fund managers provide to investors as exempt supplies of financial services under Section 14(1)(a) of the Goods and Services Tax Act 1985; 2) the treatment of third-party outsourced administrative services provided to fund managers as taxable supplies; and 3) the treatment of third-party investment management services provided to fund managers as the exempt supply of financial services, or the taxable supply of ...