Section HM 30 — Income Tax Act 2007: When foreign PIE equivalent no longer meets requirements

HM 30 When foreign PIE equivalent no longer meets requirements Commencing New Zealand residence Continued failure (1) A foreign PIE equivalent loses its status immediately if— (a) it becomes resident in New Zealand: (b) it is treated under a double tax agreement as resident in New Zealand. (2) A foreign PIE equivalent loses its status if it no longer meets the requirements set out in section HM 3(b) to (e) at the end of 2 consecutive quarters. The loss of status takes effect from the first day of the third quarter. Defined in this Act: double tax agreement , foreign PIE equivalent , quarter , resident in New Zealand Compare: 2007 No 97 s HL 5(2) Section HM 30: inserted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section HM 30(1): replaced, on 2 November 2012, by section 96(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 30 list of defined terms double tax agreement : inserted, on 2 November 2012, by section 96(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).