Issue: PIE income should be included for social policy purposes
Submission
(4 – University of Auckland – Retirement Policy and Research Centre)
PIE income should be taken into account for the purposes of state entitlements and obligations. This should also apply to income that is subject to fringe benefit tax, employer scheme contribution tax, and fund withdrawal tax.
Comment
This is outside the ambit of the proposals in the bill.
Recommendation
That the submission be noted.
Issue: PIE tax rate for non-residents
Submission
(10 – KPMG)
There should be a 0% PIE tax rate for foreign-sourced income of non-resident investors.
Comment
This matter is outside the ambit of the bill. Note that it is currently being considered by the Government as one of the issues resulting from the Prime Minister’s Job Summit.
Recommendation
That the submission be noted.