The Resource A comparison of United Kingdom and New Zealand withholding tax : growing New Zealand's bond market

A comparison of United Kingdom and New Zealand withholding tax : growing New Zealand's bond market

Label
A comparison of United Kingdom and New Zealand withholding tax : growing New Zealand's bond market
Title
A comparison of United Kingdom and New Zealand withholding tax : growing New Zealand's bond market
Creator
Subject
Language
eng
Summary
London has a world-leading bond market and New Zealand is trying to build one. Could the United Kingdom's world-leading status be attributed to its tax policy? This article compares the withholding tax on non-resident interest income between New Zealand and the United Kingdom with a specific focus on the scope of withholding tax. The scope of the withholding tax base is shaped by fundamental concepts such as the definition of interest and the source of interest income. In New Zealand, many of these key concepts are specifically defined in legislation while in the United Kingdom these concepts rely on case law. However, the scope of New Zealand withholding tax may have entrenched the position of offshore branch financing as a method of debt funding that may have impeded the growth of the bond market. Repeated policy responses have failed to correct the distortion caused by offshore branch financing. This article suggests that the scope of withholding tax should also be taken into account when designing policies for growing the bond market
Citation source
In: New Zealand journal of taxation law and policy. - Wellington. - Vol. 18 (2012),
http://library.link/vocab/creatorName
Xin Li, C
Language note
English
http://library.link/vocab/subjectName
  • bond
  • withholding tax
  • interest
  • foreign source income
Label
A comparison of United Kingdom and New Zealand withholding tax : growing New Zealand's bond market
Instantiates
Publication
Label
A comparison of United Kingdom and New Zealand withholding tax : growing New Zealand's bond market
Publication

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