NEW ZEALAND GAZETTE, No. 41

31 MARCH 2011

Health

Medicines Act 1981

Consent to the Distribution of a New Medicine

Pursuant to section 20 of the Medicines Act 1981, the Minister of Health hereby consents to the distribution in New Zealand of the new medicine which was referred to the Minister of Health under the provisions of section 24(5) of the Act and is set out in the Schedule hereto:

Schedule

Product: Cervarix

Active Ingredients:

• Human Papillomavirus (HPV) 16 L1 Protein 20µg
• Human Papillomavirus (HPV) 18 L1 Protein 20µg

Dosage Form: Suspension for injection

New Zealand Sponsor: GlaxoSmithKline (NZ) Limited

Manufacturers:

• GlaxoSmithKline Biologicals SA, Rixensart, Belgium
• GlaxoSmithKline Biologicals SA, Wavre, Belgium

Dated this 24th day of March 2011.

MARK JACOBS, Acting Chief Medical Officer, Clinical Leadership, Protection and Regulation, Ministry of Health (pursuant to delegation given by the Minister of Health on 6 July 2001).

go2010

Inland Revenue

Tax Administration Act 1994

Determination S18: Issue of Perpetual Non-cumulative Shares by NZ Co, and Related Transactions

This determination may be cited as "Determination S18: Issue of Perpetual Non-cumulative Shares by NZ Co, and Related Transactions".

1. Explanation

(Note that the explanation does not form part of the determination.)

(1) This determination relates to an arrangement involving the issue of perpetual non-cumulative shares ("the PPS") by a New Zealand company ("NZ Co") to its parent company ("Parent Co"). That arrangement is the subject of private ruling BR Prv 11/10 issued on 17 March 2011, and is fully described in that ruling.

(2) The PPS are an excepted financial arrangement. The PPS form part of a financial arrangement as contemplated by section EW 6(1) of the Income Tax Act 2007 ("the wider financial arrangement"). The wider financial arrangement also includes a loan from a related party to Parent Co ("the Parent Loan"), the use of the Parent Loan proceeds by Parent Co to subscribe for the PPS, and the use of dividends received on the PPS, plus payments Parent Co is to receive in terms of the letter dated the 23rd day of December 2009 issued by NZ Co to Parent Co ("the NZ Co Letter"), to pay interest on the Parent Co Loan.

(3) This wider financial arrangement has excepted financial arrangement components, as defined in section EW 5 of the Income Tax Act 2007. The PPS are an excepted financial arrangement component of the wider financial arrangement.

(4) The amount of income derived or expenditure incurred by a person under the financial arrangement rules in respect of a financial arrangement excludes any amount that is solely attributable to an excepted financial arrangement described in sections EW 5(2) to (16) of the Income Tax Act 2007.

(5) This determination prescribes a method to be used for determining the part of the consideration payable and receivable by the parties to the wider financial arrangement that is solely attributable to an excepted financial arrangement.

2. Reference

This determination is made under section 90AC(1)(h) of the Tax Administration Act 1994.

3. Scope of determination

(1) This determination applies specifically to the PPS.

(2) This determination applies if the interest paid on the Parent Co Loan is at an arm’s length market rate.

4. Principles

(1) The PPS, the Parent Co Loan, and the payment and other obligations under the NZ Co Letter are each part of a wider "financial arrangement" that has excepted financial arrangement components as defined in section EW 5 of the Income Tax Act 2007.

(2) Any amount that is solely attributable to an excepted financial arrangement described in sections EW 5(2) to (16) of the Income Tax Act 2007 is not included when calculating income or expenditure under the financial arrangements rules.

(3) This determination specifies that the only amounts that are solely attributable to the excepted financial arrangement within the wider financial arrangement are the amounts paid under or with respect to the PPS.

(4) This determination specifies that no part of (inter alia) the amount advanced or repaid under the Parent Co Loan, the interest paid on the Parent Co Loan, or the payments or other consideration provided in terms of the NZ Co Letter, is solely attributable to an excepted financial arrangement.

5. Interpretation

This determination has no specialised terms that need to be defined further.