61 Disclosure of interest in foreign company or foreign investment fund

(1)

Where any person has at any time in an income year an income interest or a control interest in a foreign company or an attributing interest in a foreign investment fund, that person shall disclose to the Commissioner, in the prescribed form and within the time allowed by section 37 for providing the person’s return of income for the relevant tax year,—

(a)

the existence and nature of that interest; and

(b)

such other information as may be required by the Commissioner in respect of that interest for the purposes of the administration of the Income Tax Act 2007:

provided that, unless the Commissioner requires, no person shall be required to disclose a control interest to the extent to which such control interest exists only by virtue of the application of section EX 3(1)(b) or (d) of the Income Tax Act 2007.

(1B)

A resident foreign trustee of a foreign trust who makes the disclosure required by section 59B is exempt from the requirements of subsection (1).

(1C)

A multi-rate PIE that does not calculate and pay tax using the provisional tax calculation option under section HM 44 of the Income Tax Act 2007 must make a disclosure under subsection (1) in the prescribed form within the time allowed by section 37 for filing its return for the corresponding tax year under section 57B(7).

(2)

The Commissioner may exempt any person or class of persons from the requirements of subsection (1) where, in the opinion of the Commissioner, disclosure by that person or class or classes of persons is not necessary for the administration of the international tax rules.

(3)

The Commissioner may at any time cancel any exemption granted to any person or class or classes of persons under subsection (2).

Compare: 1976 No 65 s 245W

Section 61 heading: amended, on 17 October 2002 (applying on and after 17 October 2002), by section 80(1) of the Taxation (Relief, Refunds and Miscellaneous Provisions) Act 2002 (2002 No 32).

Section 61(1): amended (with effect on 1 April 2008), on 6 October 2009, by section 628(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section 61(1)(b): amended, on 1 April 2008 (effective for 2008–09 income year and later income years, unless the context requires otherwise), by section ZA 2 of the Income Tax Act 2007 (2007 No 97).

Section 61(1) proviso: amended (with effect on 1 April 2008), on 6 October 2009, by section 628(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section 61(1) proviso: amended, on 1 April 2008 (effective for 2008–09 income year and later income years, unless the context requires otherwise), by section ZA 2 of the Income Tax Act 2007 (2007 No 97).

Section 61(1B): inserted, on 1 October 2006, by section 222 of the Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Act 2006 (2006 No 3).

Section 61(1C): replaced, on 1 April 2010 (applying for 2010–11 and later income years), by section 628(5) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).