Review of Special Partnerships
On 29 October 2003 the Deputy Prime Minister announced the government's policy to reform the law relating to the taxation of special partnerships. The primary objective of this policy is to facilitate sustainable growth in New Zealand's venture capital and private equity industry by providing a tax and regulatory environment that meets international standards in respect of the legal status and taxable treatment of partnerships.
The Ministry is proposing to develop regulatory policy on limited partnerships in New Zealand (currently called special partnerships), the corporate governance structure of choice for venture capital/private equity industry. This issue is being considered as part of the government's policy to facilitate sustainable economic growth through innovation.
A discussion document Limited Partnerships in New Zealand: A Proposal to Reform Special Partnerships, was released on 11 December 2003 to targeted stakeholders in the venture capital and private equity industry, and submissions were called for by 5 February 2004.
On 29 April 2005 the government announced plans to update special partnership law by introducing new limited partnerships, which are the preferred legal structure for investing in venture capital internationally. For more information, see also the Revenue Minister's speech to the International Fiscal Association Conference [link to IRD website] in Christchurch on the same day.
Documents
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