Cabinet Legislation Committee
Minute of Decision
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Income Tax (Deemed Rate of Return on Attributing Interests in Foreign Investment Funds, 2021-22 Income Year) Order 2022
Portfolio Revenue
On 19 May 2022, the Cabinet Legislation Committee:
1 noted that the Income Tax (Deemed Rate of Return on Attributing Interests in Foreign Investment Funds, 2021-22 Income Year) Order 2022 (the Order) sets the deemed rate of return on attributing interests in foreign investment funds at 6.01 percent for the 2021–22 income year;
2 noted that a waiver of the 28-day rule is sought:
2.1 so that the Order can come into force on 27 May 2022;
2.2 on the grounds that taxpayers using the deemed rate of return method for calculating their income must wait for the 2021–22 rate to come into force, and that it is of no benefit to taxpayers or the government to require taxpayers using the rate to wait an extra 28 days to be able to file their tax return;
3 agreed to waive the 28-day rule so that the Order comes into force on 27 May 2022;
4 authorised the submission to the Executive Council of the Order [PCO 24771/2.0].
Rebecca Davies
Committee Secretary
Present:
Hon Chris Hipkins (Chair)
Hon Andrew Little
Hon David Parker
Hon Kris Faafoi
Hon Jan Tinetti
Hon Kiri Allan
Hon Dr David Clark
Hon Dr Ayesha Verrall
Hon Aupito William Sio
Hon Meka Whaitiri
Officials present from:
Office of the Prime Minister
Officials Committee for LEG