Parliament

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

 

Double tax agreement with Philippines updated

Media statement
For immediate release
Thursday, 16 October 2008

Double tax agreement with Philippines updated

New Zealand’s double tax agreement with the Philippines has been updated, with effect from 1 December, Revenue Minister Peter Dunne announced today.

“The most important change made to the 28-year-old double tax agreement between our two countries is the lowering of several withholding rates,” Mr Dunne said.

“Rates on dividends go down from a split rate of 15% and 25% to a flat rate of 15%, on interest from 15% to 10%, and on royalties from a split rate of 15% and 25% to a flat rate of 15%.

“The other significant change to the agreement has been the removal of provisions that allow ‘tax sparing’.

“Tax sparing was once a fairly common concession in our double tax agreements with developing countries. It allowed New Zealanders to invest in a country to take advantage of tax incentives offered there, and then to claim a foreign tax credit against their New Zealand tax liability on income earned in the other country as if they had paid tax in full there.

“With the updating of the Philippines treaty, tax sparing provisions have now been removed from all our double tax agreements.

“Double tax agreements play an important role facilitating trade and investment between two countries, Mr Dunne said. “I welcome the update of our treaty with the Philippines.”

The text of the amending protocol to the double tax agreement is published at www.taxpolicy.ird.govt.nz


ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

.

 
 

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>

ALSO:

Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>

ALSO:

(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>

ALSO:

Earlier:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election