Section HM 71B — Income Tax Act 2007: Choosing to become foreign investment PIE

HM 71B Choosing to become foreign investment PIE What this section applies to (1) This section applies to an entity that— (a) is, or is eligible to become, a multi-rate PIE; and (b) has, or intends to have, investors who are not resident in New Zealand; and (c) does not calculate its income tax liability using the provisional tax calculation option in section HM 44 . Foreign investment zero-rate PIEs (2) The entity may choose to become a foreign investment zero-rate PIE if it meets the requirements of section HM 19B . Foreign investment variable-rate PIEs (3) An entity may choose to become a foreign investment variable-rate PIE if it meets the requirements of section HM 19C . Election to become foreign investment PIE (4) The entity makes the election by advising the Commissioner. If the entity is not an existing multi-rate PIE, the entity must notify the Commissioner under section 31B of the Tax Administration Act 1994. Defined in this Act: Commissioner , foreign investment PIE , foreign investment variable-rate PIE , foreign investment zero-rate PIE , income tax liability , multi-rate PIE , notify , resident in New Zealand Section HM 71B: inserted, on 29 August 2011 (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 86(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).