Pursuant to section IC 13(2) of the Income Tax Act 2007, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council and being satisfied as to the requirements in section IC 13(2)(a) and (b) of that Act, makes the following order.

1 Title

2 Commencement

3 Application

4 Threshold for required common ownership of group companies

Schedule
Development companies in Niue

Order

1 Title

This order is the Income Tax (Development Companies in Niue) Order 2012.

2 Commencement

This order comes into force on the 28th day after the date of its notification in the Gazette.

3 Application

(1) This order applies in respect of Niue Fish Processors Limited on and from the start of the 2003–04 income year until 7 April 2011.

(2) This order applies in respect of Niue Noni Joint Venture Limited on and from the start of the 2004–05 income year until 7 April 2011.

4 Threshold for required common ownership of group companies

(1) This clause applies to any company named in the Schedule.

(2) Each company is company A for the purposes of subpart IC of the Income Tax Act 2007.

(3) In determining whether a company is part of a group of companies for the purpose of grouping tax losses, the thresholds in section IC 3(1)(a) and (b) of the Income Tax Act 2007 must be read as if “66%” were “50%”.

cl 4

Niue Fish Processors Limited

Niue Noni Joint Venture Limited

Michael Webster,
for 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 comes into force on the 28th day after the date of its notification in the Gazette. It applies to certain companies in connection with development work in Niue, and allows those companies to group tax losses under subpart IC of the Income Tax Act 2007 at a lower threshold of common ownership than that which applies under the standard provisions of that subpart.

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

Date of notification in Gazette: 13 December 2012.

This order is administered by the Inland Revenue Department.

Income Tax (Development Companies in Niue) Order 2012