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Listed portfolio investment entities (PIEs) are companies (including unit trusts) listed on a recognised exchange in New Zealand.

How to become a listed PIE

A company which is not listed on a recognised exchange can register to become a listed PIE if it has:

  • 100 shareholders
  • planned to become listed on a recognised exchange
  • applied to the Securities Commission or the Financial Markets Authority for exemption to disclose
  • satisfied the Commissioner of Inland Revenue that it has received the required consents.

Paying tax

Listed PIEs do not file periodic returns, annual reconciliations or investor certificates. They are required to continue to file income tax returns.

Listed PIEs cannot pass losses out to investors. They may pay dividends.

Investors can decide whether or not to include the dividend in their income tax assessment.


Once an unlisted company has registered as a listed PIE, it has two years from the effective date of election to become listed on a recognised exchange in New Zealand.

If the company does not become listed, it will cease to be a listed PIE from the last day of the two-year period.

Last updated: 21 Jul 2020
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