Yeah, it sort of makes sense.
Once you start moving money around the world it can get complicated as to which parts of the ownership chain have what tax liabilities where.
A US dividend ETF domiciled in Ireland held in custody in Luxembourg by a New Zealand tax resident.
What tax and/or tax credits are available/payable on the dividends received by the ETF
What tax and/or tax credits are available/payable on the dividends paid by the ETF
What tax and/or tax credits are available/payable on the dividends received by the custodian
What tax and/or tax credits are available/payable on the dividends received by the NZ tax resident
And the chain isn't always that simple. . .
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