WRT tagged posts

RWT on PIE and Interest to be Changed

July 8, 2009 New Zealand FinanceNew Zealand Taxation  No comments

The Resident Withholding Tax rates on portfolio investment entities and interest are to be changed and aligned with personal rates and the 30% company tax rate.

Revenue Minister Peter Dunne announced on the 7th of July that as part of an upcoming taxation bill. There is no set date for the bill, as of yet, beyond later this month, although it is expected that it will pass in December. The announcement was made now so that financial institutions and banks have plentiful time to make required changes to implement the new bill.

The Resident Withholding Tax (RWT) on interest is calculated via the marginal tax rate of the recipient. As the marginal tax rates have changed, the RWT should also...

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