Section CZ 5 — Income Tax Act 2007: Exempt interest: overseas money lent to government or local or public authority before 29 July 1983

CZ 5 Exempt interest: overseas money lent to government or local or public authority before 29 July 1983 Exempt income (1) Amounts that a non-resident derives are exempt income if they are derived from— (a) stock or debentures issued before 29 July 1983 by the government of New Zealand or by a local authority or a public authority, the interest on which is payable out of New Zealand; or (b) loans entered into before 29 July 1983, the interest on which was to be exempt from income tax in New Zealand under an agreement or arrangement made with the government of New Zealand. Application posted or received before 29 July 1983 (2) For the purposes of subsection (1)(b), a loan entered into on or after 29 July 1983 is treated as having been entered into before that date if an exemption of a kind referred to in that provision was authorised as a result of an application received by or posted to the government of New Zealand before 29 July 1983. Defined in this Act: amount , arrangement , debenture , exempt income , income tax , interest , local authority , money lent , New Zealand , non-resident , pay , public authority Compare: 2004 No 35 s CZ 5