Income Tax Act 2007 section 865

Qualifying certificates of deposit

Section 865 excludes deposits backed by qualifying certificates of deposit from being treated as relevant investments for income tax deduction at source purposes.

  • A deposit is not a relevant investment if a qualifying certificate of deposit has been issued for it
  • The certificate must be issued by a deposit-taker
  • The definition of a qualifying certificate of deposit is set out in section 985 of the same Act
  • This exclusion means no obligation arises to deduct income tax at source on interest paid on such deposits

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