Iii Offshore Botswana. Numbered accounts

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The ministers also explained that the new rules affect the tax aspects of the entrance or exit of all types of partnerships, both general and limited. «These include the requirement to go partners in certain circumstances, to file tax reports, as well as clarify the extent to which selling partners must sell the fixed assets of the partnership,» they declared. Under the new rules, withdrawing partner would have to pass the tax records only if the proceeds from the sale of its shares in the partnership exceeds the total net value (for tax purposes) of its ownership interest in the partnership at more than NZ $ 50'000 (US $ 37'300). In conclusion, the ministers said: «We welcome the proposed changes, bringing clarity and unambiguity in the New Zealand tax system of partnerships in general.»