77 New Zealand or foreign currency


All amounts of money must, for the purposes of this Act, be expressed in terms of New Zealand currency, and in any case where and to the extent that any such amount is consideration in money for a supply, that amount must be expressed in terms of New Zealand currency as at the time of that supply.


Despite subsection (1), a non-resident supplier of remote services to which section 8(3)(c) applies may choose to express the amount of consideration in money for their supplies in a foreign currency as at the time of supply.


A non-resident supplier which makes an election under subsection (2) must, in a return, choose to convert foreign currency amounts into New Zealand currency amounts on—


the last day of the relevant taxable period; or


the earlier of—


the date the supplier files their return for the relevant period:


the due date for filing their return for the relevant period; or


another date agreed between the supplier and the Commissioner.


A non-resident supplier may not revoke an election under subsection (2) or (3) until at least 24 months after making the election, unless the Commissioner agrees otherwise.

Section 77: replaced, on 1 October 2016, by section 74 of the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 (2016 No 21).