Export Incentives - Statutory Interpretation
Recent Law, p. 106, 1983
1 Pages Posted: 20 Mar 2010
Date Written: 1983
Abstract
Section 156 of the Income Tax Act 1976 provides for incentives, calculated according to the increase in exports achieved by a taxpayer beyond exports of that taxpayer in a certain base period. In AGH Finance Ltd v Commissioner of Inland Revenue (1982) 5 NZTC 61,189 the taxpayer had acquired an exporting business and had commenced an exporting business. The question before the court was whether the taxpayer should be regarded as having acquired the “business” of the earlier exporter, or simply its assets. The judge found that it was only the assets that had been acquired. The case turned on its facts and has little precedential value.
Keywords: Export, Income Tax Act 1976, Statutory Interpretation
JEL Classification: K34
Suggested Citation: Suggested Citation