Parliament

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

 

Spain-New Zealand double tax agreement in force

Wednesday, 2 August 2006

Spain-New Zealand double tax agreement in force

New Zealand's new double tax agreement with Spain has come into force, Revenue Minister Peter Dunne has announced.

The agreement with Spain was first signed on 28 July 2005 and has been awaiting completion of legal formalities in both New Zealand and Spain. This has now happened and the new agreement will be effective for New Zealand withholding taxes from 1 September 2006 and for all other New Zealand taxes from 1 April 2007.

"This is New Zealand's thirty-first agreement, and is a significant step forward in the government's Latin American trading strategy, because Spain is an important entry point for that region," Mr Dunne said.

New Zealand's $222 million export trade to Spain includes frozen fish and shellfish, kiwifruit and sheep meat. Imports from Spain are worth around $165 million and include cars, olive oil, medicines, ceramics and confectionary.

Double tax agreements play an important role in fostering cross-border trade and investment by preventing businesses from being taxed twice, giving greater certainty to the tax treatment of cross-border business and reducing compliance costs for some activities.

"New Zealand already has a significant trading relationship with Spain, which this agreement will help to grow further," Mr Dunne said.

The text of the new double tax agreement with Spain is published at www.taxpolicy.ird.govt.nz.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Werewolf: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word. In reality, Peters will have power only up to the point that he uses it.

By next week, he’ll have become just another junior player in an MMP governing arrangement, battling to hold onto the gains he was promised. More>>

 

Rising Toll: Road Safety Needs To Be A Higher Priority

Official advice released to the Green Party under the Official Information Act shows that the previous National Government dismissed an option to make road safety its most important transport priority after being told the road toll was rising. More>>

ALSO:

Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election