Section EX 4 — Income Tax Act 2007: Limits to requirement to include associated person interests

EX 4 Limits to requirement to include associated person interests Non-resident relatives (1) For the purposes of section EX 3 , a New Zealand resident is associated with a non-resident relative only if the New Zealand resident holds a direct control interest or indirect control interest in the foreign company. No double counting (2) Despite section EX 3(1)(b) and (d) , for the purposes of determining whether a foreign company is a CFC, a direct control interest or indirect control interest may be counted only once. Defined in this Act: associated person , CFC , control interest , direct control interest , foreign company , New Zealand resident , non-resident , relative , Compare: 2004 No 35 s EX 4