Section DW 3 — Income Tax Act 2007: Non-resident general insurers and shippers

DW 3 Non-resident general insurers and shippers No deduction (1) A person listed in subsection (2) is denied a deduction for expenditure incurred in deriving the income described in the relevant section. Persons (2) The persons referred to in subsection (1) are— (a) a non-resident person who derives income under section CR 3 (Income of non-resident general insurer): (b) a non-resident person who derives income under section CV 16 (Non-resident shippers) for cargo, mail, or passengers shipped outside New Zealand. (c) [Repealed] Non-resident shipper’s expenditure on depreciation (3) The non-resident person referred to in subsection (2)(b) has no amount of depreciation loss in relation to that income. Link with subpart DA (4) This section overrides the general permission. Defined in this Act: amount , deduction , depreciation loss , film , general permission , income , insurer , New Zealand , non-resident , Compare: 2004 No 35 ss FC 15 , FC 20 , FC 21(3), (5) Section DW 3 heading: amended, on 2 November 2012, by section 26(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section DW 3(2)(b): amended, on 2 November 2012, by section 26(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section DW 3(2)(c): repealed, on 2 November 2012, by section 26(3) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).