Finance Act Commencement Order (No 2) 1996

1996/290

Finance Act Commencement Order (No 2) 1996


Note

This order is administered in the Treasury.


PURSUANT to section 1(3) of the Finance Act 1991, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby makes the following order.

1 Title
  • This order may be cited as the Finance Act Commencement Order (No 2) 1996.

2 Commencement of certain provisions of Finance Act 1991
  • Sections 5, 6, and 7 of the Finance Act 1991 shall come into force on the 1st day of October 1996.

MARIE SHROFF,

Clerk of the Executive Council.

Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order brings into force, on 1 October 1996, sections 5, 6, and 7 of the Finance Act 1991. The coming into force of these sections arises from the Crown selling its shares in Forestry Corporation of New Zealand Limited.

Section 5 of that Act omits from Part 2 of Schedule 1 to the Ombudsmen Act 1975 reference to Forestry Corporation of New Zealand Limited. The company will thus cease to be subject to that Act on 1 October 1996.

Section 6 of that Act omits from Schedule 1 to the Official Information Act 1982 reference to Forestry Corporation of New Zealand Limited. The company will thus cease to be subject to that Act on 1 October 1996.

Section 7 of that Act omits from Schedule 18 to the Income Tax Act 1994 reference to Forestry Corporation of New Zealand Limited. The company will thus cease to be a State-owned enterprise named in that Schedule on 1 October 1996.

Schedule 18 contains a list of State-owned enterprises. Under section CB 3(a) of that Act, the incomes of public authorities are exempt from tax. That exemption does not apply to State-owned enterprises.

State-owned enterprises are also special corporate entities for the purposes of the definition of that term in section OB 1 of that Act, which definition relates to the loss carry forward and grouping provisions.

As a result of the sale by the Crown of its shares in Forestry Corporation of New Zealand Limited it is no longer necessary for the company to be listed in Schedule 18.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 1 October 1996.