Stobo appointed to tax role

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Wednesday, July 7th 2004, 9:39AM

Craig Stobo has been appointed to co-ordinate consultation on issues with the taxation of investment income, both onshore and offshore, and to develop options for reform.

"Stobo is eminently suited to the role," Revenue Minister Michael Cullen said. "He has an extensive background in the New Zealand savings industry and is a highly respected expert in his field.

"The current rules are potentially unfair since the tax treatment of an investment can vary depending on a number of factors, including whether it is made directly or via an intermediary and whether it is held onshore or offshore.

"These problems can also give rise to economic inefficiencies and distort the way people invest. The government’s view is that, as far as possible, the tax rules should not influence investors’ decisions.

"Stobo will consult widely with the industry and other interested parties, in developing proposals for change and will report back to the government by the end of October," Cullen said.

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