Market Taxation Guide - New Zealand
This Market Taxation Guide (New Zealand) provides the following details:
- Reference information about all taxes applied at source to securities deposited in Clearstream Banking1; and
- Instructions for obtaining relief at source or a refund of withholding tax, where these are available, through Clearstream Banking.
New and improved tax information and procedures that become available will be included on an ongoing basis.
Important note:
This Market Taxation Guide (including any attachments and other links) is for informational purposes only and is not intended and should not be considered to be legal advice on any subject matter. Readers of this Market Taxation Guide, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this Market Taxation Guide without seeking appropriate legal or other professional advice.
Withholding tax
| Standard debt securities (NRWT) | Holding restriction | Withholding tax rate | Relief at source | Quick refund | Standard refund |
Yes (a) | 15% | ||||
Residents of Double Taxation Treaty (DTT) countries | Yes | Quick and standard refunds are available for bonds under the Non-Resident Withholding Tax (NRWT) regime on a case-by-case and “best efforts” basis; refer to Announcement A23070 for details. | |||
Tax-exempt beneficial owners (b) | Yes | ||||
New Zealand tax-exempt beneficial owners | Yes | No | No | ||
a. New Zealand tax-exempt beneficial owners are eligible to hold New Zealand bonds however, the holding restriction remains for all New Zealand residents that do not fall under the tax-exempt category.
b. Non-residents tax-exempt beneficial owners granted tax-exempt status by the New Zealand Inland Revenue Department.
| Government, Corporate and Qualified Corporate debt securities (Approved Issuer Levy regime) | Holding restriction | Withholding tax rate | Relief at source | Quick refund | Standard refund |
Yes (a) | 15% | ||||
Residents of Double Taxation Treaty (DTT) countries | Yes | No | No | ||
Tax-exempt beneficial owners (b) | Yes | No | No | ||
Non-residents of New Zealand requesting the Approved Issuer Levy regime | Yes | No | No | ||
New Zealand tax-exempt beneficial owners | Yes | No | No | ||
a. New Zealand tax-exempt beneficial owners are eligible to hold New Zealand bonds however, the holding restriction remains for all New Zealand residents that do not fall under the tax-exempt category.
b. Non-residents tax-exempt beneficial owners granted tax-exempt status by the New Zealand Inland Revenue Department.
| Equities | Holding restriction | Withholding tax rate | Relief at source | Quick refund | Standard refund |
Yes | 0% / 15% / 30% | ||||
Residents of Double Taxation Treaty (DTT) countries | Yes | Quick and standard refunds are available for equities on a case-by-case and “best efforts” basis; refer to Announcement A23070 for details. | |||
Tax-exempt beneficial owners | Yes | ||||
Capital gains tax
There is no capital gains tax withheld through Clearstream Banking on securities held in Clearstream Banking. Capital gains tax may however be payable on specific gains. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.
Stamp duty
There is no stamp duty withheld through Clearstream Banking on securities held in Clearstream Banking. Stamp duty may however be payable on specific transactions. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.
Notes on tax reclaims
Clients warrant the completeness and accuracy of the information they supply to Clearstream Banking.
It is the client's responsibility to determine any entitlement to a refund of tax withheld, to complete the forms required correctly and to calculate the amount due. Clearstream Banking is under no obligation to carry out any investigation in respect of such information.
With respect to tax reclaims in general, clients are reminded that Clearstream Banking accepts no responsibility for their acceptance or non-acceptance by the tax authorities of the respective country.
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1. “Clearstream Banking” refers collectively to Clearstream Banking S.A. and Clearstream Banking AG (for Clearstream Banking AG clients using Creation accounts).