A PIE (Portfolio Investment Entity) fund is a type of New Zealand managed fund with its own tax rules. Many PIE funds calculate and pay tax on investment income using each investor’s prescribed investor rate (PIR), while some listed PIEs are taxed at a fixed rate. In many cases, income from a PIE fund does not need to be included in your tax return, which may make managing your tax a little simpler. Tax treatment will depend on the type of PIE and your individual circumstances. See the InvestNow Investor Tax Guide for more information.