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Chartered Accountant's Welcome LAQC Assurance

6 September 2006

Institute of Chartered Accountants Welcome LAQC Assurance

6 September 2006

The New Zealand Institute of Chartered Accountants welcomes Revenue Minister Peter Dunne's assurance that there will be no immediate change to the rules for loss attributing qualifying companies.

The Institute's tax director, Craig Macalister, said that the limited liability partnership proposals were not a substitute for the LAQC rules, and that Chartered Accountants oppose any move towards changing LAQC rules at this stage.

"Many New Zealanders operate LAQCs for both business and investment purposes. In the absence of a directly comparable substitutable structure, changing the rules around LAQCs would be inappropriate and costly," Mr Macalister said.

"There are other options for the Government to consider before contemplating removing LAQC rules.

ENDS

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