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Income Tax Act 2007

Timing and quantifying rules - Terminating provisions - Definitions

EZ 32C: Treatment in section EX 20C of currency effects on CFC's borrowing

You could also call this:

"Old rule about currency effects on foreign company borrowing no longer applies"

This part of the law was about how to handle the effects of currency changes on a controlled foreign company's borrowing. However, it's important to know that this section is no longer in use. The government removed it on 2 November 2012, and it hasn't been part of the law since 1 July 2009. This means you don't need to worry about following this rule anymore when dealing with taxes for controlled foreign companies.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4002496.

Topics:
Money and consumer rights > Taxes
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EZ 32B: Transitional rule for IFRS reporting, or

" Outdated rule for international financial reporting no longer applies "

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EZ 32D: Value of asset fraction: CFC with excessive debt funding and loan entered before 21 June 2012, or

"Calculating income for CFCs with pre-2012 excessive debt funding"

Part ETiming and quantifying rules
Terminating provisions: Definitions

EZ 32CTreatment in section EX 20C of currency effects on CFC's borrowing (Repealed)

    Notes
    • Section EZ 32C: repealed (with effect on 30 June 2009), on (applying for income years beginning on or after 1 July 2009), by section 63(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).