Featured Posts
GO Back
Tax Facts
Home / Tax Facts
RESIDENT WITHHOLDING TAX(RWT)
July 12, 2016
Resident Withholding Tax (RWT) is a tax deducted on interest earned from investments and bank accounts. The investment organisation or bank deducts this tax when they credit interest to you.
Â
Companies may also deduct withholding tax from dividends paid to shareholders.
If you receive interest as income you need to:
Provide the interest payer with your IRD number.
Elect the tax rate at which this is to be deducted by them.
Â
The RWT tax rate used will vary for individuals and different types of business entity.
Â
For more information on RWT, the tax rate and how this tax applies to interest and dividends refer to the IRD website.
Please reload