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Tax Administration Act 1994

Interest - Specific provisions

120VB: Interest on overpaid AIM method provisional tax

You could also call this:

"No interest on some overpaid provisional tax"

Illustration for Tax Administration Act 1994

You do not get interest from the Commissioner on some overpaid AIM method provisional tax. This is because of a rule in the Income Tax Act 2007, in section RM 6B(2). The Commissioner does not pay interest as stated in section 120D(3).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS38168.

Topics:
Money and consumer rights > Taxes
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120VC: Interest on some provisional tax, or

"No interest on some provisional tax payments"

Part 7Interest
Specific provisions

120VBInterest on overpaid AIM method provisional tax

  1. No interest shall be payable by the Commissioner under section 120D(3) on an amount of AIM method provisional tax described in section RM 6B(2) of the Income Tax Act 2007.

Notes
  • Section 120VB: inserted, on (applying for the 2018–19 and later income years), by section 58(1) of the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 (2017 No 3).