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Government Caves In To GPG

Media Statement
17 May 2006

Government Caves In To GPG

The five-year holiday from the unpopular new foreign portfolio investment tax rules just announced by the Minister of Revenue will be welcomed by GPG shareholders, says Ernst & Young Tax Partner Matthew Hanley.

"It represents an acknowledgement from Government there are underlying issues in the the proposed rules for taxing offshore share investments," says Mr Hanley.

The five-year holiday will be limited to investments in companies that meet certain criteria. The change will be made by way of a Supplementary Order Paper to the taxation bill introduced into Parliament today.

Matthew Hanley is a tax partner with Ernst & Young. The views expressed are his own and do not necessarily represent those of Ernst & Young.

About Ernst & Young

Ernst & Young, a global leader in professional services, is committed to restoring the public's trust in professional services firms and in the quality of financial reporting. Its 107,000 people in 140 countries pursue the highest levels of integrity, quality, and professionalism in providing a range of sophisticated services centered on our core competencies of auditing, accounting, tax, and transactions. Further information about Ernst & Young and its approach to a variety of business issues can be found at www.ey.com/perspectives. Ernst & Young refers to the global organisation of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited does not provide services to clients.

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