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Non-resident withholding tax (NRWT) is a tax that is deducted from the interest that you, as a non-resident customer, earn from BNZ.
It includes interest you earn on any BNZ deposit accounts you hold, including savings accounts and term deposits.
The NRWT rate that we’ll apply is based on your country of residence, as advised by you. Typically this is either 10% or 15%, but it will be based on the tax treaty between New Zealand and your country of residence.
Alternatively, non-resident customers can elect to have the Approved Issuer Levy (AIL) applied to their interest, at the rate of 2%. Find out more about AIL on the Inland Revenue (IRD) website.