Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Memorandum accounts - Foreign dividend payment accounts (FDPA)

OC 31: Payment of further income tax when company no longer New Zealand resident

You could also call this:

“Companies no longer pay extra tax when leaving New Zealand”

You don’t need to know about this part of the law anymore. It used to be about what happens when a company stops being a New Zealand resident and has to pay more income tax. But this rule was removed on 1 April 2017, so it no longer applies.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519046.

Topics:
Money and consumer rights > Taxes
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OC 30: Payment of further income tax for closing debit balance, or

“This rule about extra tax payments no longer applies”

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OC 32: Reduction of further income tax, or

“This rule about lowering extra tax for special accounts no longer applies”

Part O Memorandum accounts
Foreign dividend payment accounts (FDPA)

OC 31Payment of further income tax when company no longer New Zealand resident (Repealed)

    Notes
    • Section OC 31: repealed, on , by section 216 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).