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Reserve Bank of New Zealand Act 2021

Miscellaneous provisions - Regulations

294: Levy regulations

You could also call this:

"Rules about charging levies to help pay for the Reserve Bank's work"

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The Governor-General can make rules about levies on the Minister's advice. You need to know the Minister must talk to the Bank and follow section 296 before giving advice. Levies help pay for the Bank's work and collecting the levy money. The rules can say who pays a levy and how much they pay. They can also say how the levies are collected and paid. You can find more information about secondary legislation in Part 3 of the Legislation Act 2019. The Minister decides how much of the Bank's costs are paid by levies.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287359.

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Part 6Miscellaneous provisions
Regulations

294Levy regulations

  1. The Governor-General may, by Order in Council, on the recommendation of the Minister, make regulations providing for the levies.

  2. Before making a recommendation under this section, the Minister must—

  3. consult the Bank; and
    1. comply with section 296.

      1. Levies must be prescribed on the basis that the following costs should be met fully out of the levies:

      2. a portion of the costs of the Bank in performing or exercising its functions or powers under prudential legislation, where the size of the portion to be met by levies under this Act is determined by the Minister; and
        1. the costs of collecting the levy money.

          1. The regulations may—

          2. specify the class or classes of regulated entities that are required to pay a levy:
            1. specify the amount of levies, or the method of calculating or ascertaining the amount of levies:
              1. include in levies, or provide for the inclusion in levies of, any shortfall in recovering the actual costs:
                1. refund, or provide for refunds of, any over-recovery of the actual costs:
                  1. provide for the payment and collection of levies:
                    1. provide different levies for different classes of regulated entities:
                      1. specify the financial year or part financial year to which a levy applies, and apply that levy to that financial year or part financial year and each subsequent financial year until the levy is revoked or replaced:
                        1. require payment of a levy for a financial year or part financial year, irrespective of the fact that the regulations may be made after that financial year has commenced:
                          1. provide for waivers or refunds of the whole or any part of a levy for any case or class of cases.

                            1. Regulations made under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

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