Inland Revenue has released an exposure draft for public comment concerning whether a tax credit should be given in New Zealand for state income tax paid in the United States.
The argument put forward in the exposure draft is that:
| - | a tax credit for United States state income tax is allowed under subpart LJ of the Income Tax Act 2007, provided the state income tax paid is of substantially the same nature as New Zealand income tax; | |
| - | … |