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UK-NZ double tax agreement to be updated

UK-NZ double tax agreement to be updated

The double tax agreement between the United Kingdom and New Zealand is being updated to strengthen co-operation between the two countries in the enforcement of their tax laws and collection of tax, Revenue Minister Peter Dunne announced today.

“Double tax agreements have two purposes: their main purpose is to reduce tax impediments to cross-border trade and investment, but they also help the tax authorities of the two countries involved to detect and prevent tax avoidance and evasion,” Mr Dunne said.

“The 1983 agreement between the United Kingdom and New Zealand is being updated to follow more closely the new OECD standard on exchange of information between tax authorities and, in particular, allow authorities to exchange information on other taxes besides income tax.

“The update will also enable the two tax authorities to request assistance from each other in the recovery of tax debt.

“Once in effect, the changes will benefit both countries. New Zealand stands to benefit through a reduction in tax avoidance and evasion and an improvement in revenue collection – especially given the number of New Zealanders who live in the United Kingdom.

“An amending protocol signed in London yesterday has started the updating process. The next step will be for each jurisdiction to give legal effect to the changes, which in New Zealand’s case will require the signing of an Order in Council,” he said.

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

Ends

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National won 46% of the vote with Labour on 35.8%. NZ First won 7.5%, with the Greens on 5.8%. ACT held on to Epsom, but failed to get more MPs. The Maori Party were wiped out of Parliament.

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The Greens can not contemplate a deal with National. So, Winston Peters will have to make a choice and could back National or a combined Labour/Green coalition. Full preliminary results >>

 

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