New legislation - 2006: Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Act 2006 [2006 No 3]
The addition of Spain to the grey list
Schedule 3 of the Income Tax Act 2004
The grey list is a list of countries whose tax systems are broadly similar to that of New Zealand's. Investments made in grey list countries are generally not subject to the controlled foreign company (CFC) and foreign investment fund (FIF) rules.
Key features
Spain has been added to the grey list via an amendment to Schedule 3 of the Income Tax Act 2004.
Investments in Spain are not eligible for the grey list exemption if any CFC or FIF takes advantage of concessionary tax regimes in the following regions:
- Canary Islands
- Ceuta
- Melilla
- Alava
- Guipuzcoa
- Vizcaya, or
- Navarra.
Application date
The amendment applies for income years corresponding to the 2006 - 07 and subsequent tax years.
Other pages in: Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Act 2006 [2006 No 3]
- Temporary exemption from tax on foreign income for new migrants and certain returning New Zealanders
- Clarification of treaty override power
- Rewrite amendments
- Reimbursement for the use of a private motor vehicle
- Organisation approved for charitable donee status
- Resident withholding tax on dividends paid by non-resident companies
- Amendments to disputes rules
- Miscellaneous technical amendments
- GST on goods outside New Zealand at the time of supply
- GST and distributions from a trust made for no consideration between associated registered persons
- GST and international postage stamps
- GST and credit contracts legislation
- Bloodstock write-down rates
- Duty on racing
- GST on goods and services supplied to security holders
- Trans-Tasman imputation credit-streaming
- Regrassing and fertilising expenditure
- Unacceptable tax position
- Reverse takeovers and continuity rules
- Increase in the child tax rebate
- Income tax exemption for gaming machine income of gaming trusts
- Tax consequences of natural disasters
- Taxation of foreign hybrids and foreign tax credit rules
- Exemption for rights to benefit from employment-related foreign superannuation schemes
- New disclosure and recordkeeping rules for foreign trusts
- Treatment of distributions from cooperatives
- ACC attendant care payments
- Venture capital investment alongside the Venture Investment Fund
- Corporate migration
- Allocation of research and development tax deductions
- Taxation of share-lending transactions
- Fringe benefit tax
- Depreciation rates
- Aligning provisional tax payments with GST
- PAYE subsidy for small businesses
Date published: 22 Jun 2006
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