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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 7BB: ICA payment of multinational top-up tax

You could also call this:

"Payment of multinational top-up tax by a company"

Illustration for Income Tax Act 2007

You have an imputation credit if your company pays multinational top-up tax under section HP 1. This happens when certain rules apply, which are in schedule 25B. The credit is listed in table O1, row 5BB, as payment of multinational top-up tax. You get the credit on the day the multinational top-up tax is paid. This is called the credit date. The credit is for the amount of multinational top-up tax paid. The imputation credit is recorded in a table that shows all the imputation credits. It is an important record for your company's tax. You can find it in table O1, which lists all the imputation credits.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1567939.

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Money and consumer rights > Taxes
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"Imputation credit for paying qualifying company election tax"

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"Companies can't claim tax credits for research and development spending"

Part OMemorandum accounts
Imputation credit accounts (ICA)

OB 7BBICA payment of multinational top-up tax

  1. An ICA company has an imputation credit for an amount of multinational top-up tax paid under section HP 1 (Liability for multinational top-up tax) to the extent to which it was payable because of the application of the modifications to Article 2.1 of the global anti-base erosion model rules set out in schedule 25B, item 1B (Items modifying global anti-base erosion model rules).

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 5BB (payment of multinational top-up tax).

  3. The credit date is the day the multinational top-up tax is paid.

Notes
  • Section OB 7BB: inserted, on , by section 108 of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 (2024 No 11).