Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Double tax agreement with UK to be updated

6 November 2003 Media Statement

Double tax agreement with UK to be updated

New Zealand’s double tax agreement with the United Kingdom is being updated to allow for better exchange of information between the two countries, Revenue Minister Michael Cullen announced today.

“New Zealand is party to 27 double tax agreements, which are primarily aimed at reducing tax impediments to cross-border trade and investment, but also help tax administrations to detect and prevent tax evasion,” Dr Cullen said.

“The forthcoming changes to our double tax agreement with the UK are in the interests of both countries. Changes to the provisions relating to exchange of information will enable New Zealand to obtain information from the UK that does not involve a UK tax interest. This will assist New Zealand to enforce its own tax laws.

“The agreement is also being amended to address UK concerns about schemes that are designed to avoid UK capital gains tax.

“Provisions pertaining to business profits, dividends, interest and royalties are also being updated, and a provision governing the treatment of income that is not otherwise dealt with under the agreement is being inserted.

“A protocol amending the double tax agreement was signed in London on 4 November. It will enter into force once both countries have promulgated an Order in Council to give effect to the changes.

“Once the protocol enters into force, the changes relating to exchange of information and the UK capital gains tax will take will take effect from 4 November 2003. The other changes will take effect in New Zealand from 1 April following the date of entry into force,” Dr Cullen said.

The text of the protocol is available at www.taxpolicy.ird.govt.nz.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>


With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>


Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>


Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>


Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>


More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news