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.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, and
- Advise the tax rate they should use when they deduct this tax
For more information on RWT and how this tax applies to interest and dividends refer to the IRD website