Section Sch50-“ 78E — Income Tax Act 2007: Information for underlying foreign credits

“ 78E Information for underlying foreign credits “ (1) For the purposes of section LL 2 of the Income Tax Act 2007, a taxpayer must have available to provide, if asked,— “ (a) a copy of a receipt issued by the relevant revenue authority evidencing payment of the relevant tax; or “ (b) a copy of a foreign return of income that is of substantially the same nature as a return of income under the Inland Revenue Acts, when the return of income has been provided to the relevant revenue authority and shows the relevant tax as payable; or “ (c) a copy of a demand, statement of account, or a similar document issued by the relevant revenue authority, seeking payment of the relevant tax. “ (2) Subsection (1) does not apply if the Commissioner is satisfied on the basis of evidence such as an auditor’s certificate that the relevant tax is paid or payable. “ Compare: 2004 No 35 s LF 6(4)