Section LK 3 — Income Tax Act 2007: Currency conversion

LK 3 Currency conversion If foreign income tax is paid or payable by a CFC in a currency other than New Zealand currency, the amount must be converted into New Zealand currency by applying— (a) the close of trading spot exchange rate on the date when the income tax is paid or becomes payable; or (b) the average of the close of trading spot exchange rates for the 15th day of each complete month that falls in the period to which the attributed CFC income relates. Defined in this Act: amount , attributed CFC income , CFC , close of trading spot exchange rate , foreign income tax , New Zealand , pay , Compare: 2004 No 35 s LC 4(1)