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Spain-NZ double tax agreement in force soon

Media statement
For immediate release
Monday, 26 June 2006

Spain-New Zealand double tax agreement in force soon

New Zealand's new double tax agreement with Spain today passed its final legislative hurdle and is expected to come into force in late July, Revenue Minister Peter Dunne announced today.

"Double tax agreements play an essential role in fostering cross-border trade and investment by providing tax certainty on business ventures between countries and preventing income being taxed twice," Mr Dunne said.

"The agreement with Spain, which will be the thirtieth in our network of double tax agreements with trading partners, will help to build stronger economic links between our two countries.

"There has been significant interest in New Zealand in the progress of the new double tax agreement, which was signed with Spain in July last year. The agreement was approved by Order in Council today but must pass through final diplomatic procedures before it comes into force.

"Also approved by Order in Council today were the forthcoming double tax agreement with Poland and amending protocols updating our double tax agreements with Australia and Singapore ? all of which still have to pass through the corresponding legislative process in the other countries before they come into force.

"Changes to the Australia-NZ double tax agreement will help to extend Australia's Wine Equalisation Tax Rebate to New Zealand wine producers, and the Singapore-NZ agreement is being updated to cover entities providing consultancy services," Mr Dunne said.


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