New Zealand Inland Revenue has published for comment a draft Interpretation Statement concerning the calculation of foreign tax credits. The deadline for comments is 28 September 2021.
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Summary
1. New Zealand residents are taxed on their worldwide income. A New Zealand resident who derives assessable income from a foreign source may be entitled to a foreign tax credit for foreign income tax paid on that income. The process for calculating a foreign tax credit is set out in subpart LJ …