Yes, the bank will charge interest tax. If you are not a New Zealand tax resident, you can apply for NRWT or AIL from the bank, and the interest tax is relatively low. The AIL tax rate is only 2%, which is lower than NRWT. For countries that have signed the DTA, this part of the tax is not tax deductible in the depositor’s tax resident country, but NRWT is tax deductible.
However, if you are a New Zealand tax resident, you must choose a RWT rate based on your annual income.
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