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Customs and Excise Act 2018

Final and miscellaneous provisions - Miscellaneous provisions - Amounts in foreign currencies

434: Foreign currency

You could also call this:

"Converting money from other countries to New Zealand dollars using approved exchange rates"

Illustration for Customs and Excise Act 2018

When you are dealing with money from another country, you need to change it into New Zealand money. You do this using a fair exchange rate that the chief executive approves. The chief executive is in charge of Customs.

If you have goods that you need to declare, the exchange rate you use is the one from the day you first told Customs about those goods. For other goods, you use the exchange rate from the day Customs first worked out how much duty you owe. The chief executive will put the approved exchange rates on a website so you can see them.

You can see how this rule has changed over time by looking at the 1996 No 27 s 62 law. The chief executive will make sure the exchange rates are available online. You can use these rates to work out how much New Zealand money you have.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7039937.

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Part 6Final and miscellaneous provisions
Miscellaneous provisions: Amounts in foreign currencies

434Foreign currency

  1. If an amount is required to be taken into account for the purposes of this Act and that amount is not in New Zealand currency, the amount must be converted into New Zealand currency at a fair rate of exchange approved by the chief executive.

  2. The applicable rate of exchange for the purposes of subsection (1) is,—

  3. in the case of goods in respect of which an entry has been made, the rate applying on the date of the making of the first entry (that is not an entry for removal) for those goods:
    1. in the case of any other goods, the rate applying on the date of the first assessment of Customs duty on those goods.

      1. The chief executive must publish any approved rate of exchange on an Internet site operated by or on behalf of Customs.

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