IRD releases special report on new NRWT and AIL rules
The Inland Revenue Department has released a special report to provide early information on the new Non-Resident Withholding Tax (NRWT) and approved issuer levy (AIL) rules.
The Taxation (Annual Rest for 2016-17, Closely Held Companies, and Remedial Matters) Act 2017 introduced a number of changes to the taxation of interest payments to non-residents.
IRD says there are two parts to the reform package. The first is changes to the NRWT rules generally to bring the rules dealing with timing and quantification of income subject to NRWT in line with the AF rules. The second is changes to the NRWT/AIL rules, which particularly affect branch structures.
Last updated on the 16th September 2019