Definition of resident withholding tax in English:
resident withholding tax
noun
mass nounNZ
A tax deducted at source from interest and dividends paid to New Zealand residents.
if the income is retained for 4 years, it becomes subject to resident withholding tax
Example sentencesExamples
Since Labour became the Government, income tax has gone up, fringe benefit tax is up, trust income tax is up, and resident withholding tax is up.
What about resident withholding tax on interest and dividends?
There is a raft of new taxes ranging from fringe benefit tax, trust income tax, resident withholding tax, tobacco tax, and sherry tax, and increased rates of taxation on petrol and alcoholic beverages.
Secondary tax and resident withholding tax rates will also be reduced from October 1.
And there were Accident Compensation Corporation (ACC) levies, ACC motor vehicle levies, a petrol ACC levy, and the resident withholding tax.
They pay resident withholding tax on interest and PAYE on salary and wages.
Distributed earnings are subject to resident withholding tax at a rate of 33 percent.
Our term deposits are invested under the names of our children and therefore paying a lower Resident Withholding Tax rate on the interest earnings (as they have no other income).
Resident withholding tax - the deduction rate on interest and dividends is either 19.5 % or 33 % to 39 %.
It is not legitimate for a parent to invest their own money in their children's names in order to pay a lower rate of Resident Withholding Tax.