The Government has backed down on GPG. This press release was sent out today at 4.30pm:
Investors in widely held foreign companies that have a substantial New Zealand shareholder base, such as Guinness Peat Group, will be granted a five-year holiday from the proposed rules for taxing offshore share investment, the Minister of Revenue announced today. It will be limited to investment in companies that meet certain criteria. The change will be made by means of Supplementary Order Paper to the taxation bill introduced today.