Section Sch50-“ 32K — Income Tax Act 2007: Failing to meet basis of exemption

“ 32K Failing to meet basis of exemption “ (1) This section applies when a holder of an RWT exemption certificate no longer meets the requirements on which their exemption is based. “ (2) If the holder becomes aware that they no longer meet the requirements, they must notify the Commissioner within a period of 5 days after the day on which they became aware, and they must deliver the certificate to the Commissioner. “ (3) The Commissioner may ask the holder to provide the full name and last known address of all persons to whom they have shown the certificate for the purposes of obtaining an exemption from withholding the amount of tax from a payment of resident passive income. The person must respond to the Commissioner’s request within 5 days. “ Compare: 2004 No 35 s NF 11(1)