Part D
Deductions
Life insurance business expenditure
DR 3Life reinsurance premiums to reinsurer outside New Zealand
A life insurer is denied a deduction for life reinsurance premiums they incur if the relevant life reinsurance policy,—
- was not offered in New Zealand; and
- was not entered into in New Zealand.
A life insurer is denied a deduction for a life reinsurance premium incurred under a life reinsurance policy with a life reinsurer who is resident in a country or territory outside New Zealand if the life reinsurance premium is excluded from taxation by New Zealand under a double tax agreement between New Zealand and the country or territory.
Notes
- Section DR 3: substituted, on , by section 94(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
- Section DR 3 heading: replaced, on , by section 11(1) of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (2018 No 16).
- Section DR 3(1) heading: replaced, on , by section 11(2) of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (2018 No 16).
- Section DR 3(1)(a): amended, on , by section 38 of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
- Section DR 3(2) heading: inserted, on , by section 11(3) (and see section 11(5) for application) of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (2018 No 16).
- Section DR 3(2): inserted, on , by section 11(3) (and see section 11(5) for application) of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (2018 No 16).
- Section DR 3 list of defined terms amount: repealed, on , by section 11(4)(a) of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (2018 No 16).
- Section DR 3 list of defined terms double tax agreement: inserted, on , by section 11(4)(b) of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (2018 No 16).
- Section DR 3 list of defined terms general permission: repealed, on , by section 11(4)(a) of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (2018 No 16).
- Section DR 3 list of defined terms income year: repealed, on , by section 11(4)(a) of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (2018 No 16).
- Section DR 3 list of defined terms life reinsurer: inserted, on , by section 11(4)(b) of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (2018 No 16).