Section CW 7 — Income Tax Act 2007: Foreign-sourced interest

CW 7 Foreign-sourced interest Interest that a person derives from a country or territory outside New Zealand is exempt income if— (a) the person was not resident in New Zealand during the period for which the interest was payable; and (b) the interest was exempt under the laws of the overseas country or territory from a tax that is substantially the same as income tax imposed under this Act. Defined in this Act: exempt income , income tax , interest , New Zealand , pay , resident in New Zealand , Compare: 2004 No 35 s CW 7