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

 


Tax agreement with PNG now in force

Hon Todd McClay
Minister of Revenue

10 February 2014

Tax agreement with PNG now in force

A new double tax agreement between New Zealand and Papua New Guinea is now in force, Revenue Minister Todd McClay announced today.

“Trade in the Pacific and particularly with Papua New Guinea is taking on greater importance for New Zealand. This agreement will strengthen international cross-border trade and investment partnerships for the benefit of businesses, investors and taxpayers in both countries,” Mr McClay says.

“The agreement recently came into effect after being signed by both countries in 2012. It will give businesses greater certainty over the tax treatment of cross-border investment income, reduce compliance costs for both New Zealand and PNG investors, and will lower withholding tax rates.”

“This agreement further strengthens our network of double tax agreements, and widens New Zealand’s tax information exchange network, which is important in helping authorities prevent tax evasion and avoidance.”

Double tax agreements help encourage growth and promote cross-border trade by preventing businesses and individuals from being taxed twice on income earned in the other country.

“This Government wants New Zealand businesses to operate competitively on the global stage. Double tax agreements help provide the business and tax environment to support them to do that,” Mr McClay says.

The PNG agreement brings the number of double tax agreements New Zealand has with other countries to 38. The full text of the New Zealand-PNG double tax agreement is available at www.taxpolicy.ird.govt.nz

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Plain Packs Plan: Gordon Campbell On Tobacco Politicking (And The TPP Death Watch)

Has Act leader David Seymour got the easiest job in the world, or what? Roll out of bed, turn on the radio and hmm…there do seem to be a lot of problems out there in the world. Must think of something. And so it came to pass that this morning, David Seymour took up his sword and shield to fight for a world that’s about to be denied the rich and vibrant beauty of tobacco advertising. More>>

ALSO:

.


RECENT TPP MEETING:

Professor Ian Shirley: The Budget That Failed Auckland

The 2016 budget offered Auckland nothing in the way of vision or hope and it continued the National Government’s threats against the Auckland Council. Threatening the Council with over-riding its democratic processes if it fails to release land for housing is a bullying tactic aimed at diverting attention away from the fundamental problems with housing in the region. More>>

ALSO:

PM's Post Cab Presser: Budgets, Trusts And Pacific Diplomacy

Today Prime Minister John Key summarised last week’s budget and provided further detail about his upcoming trip to Fiji. He said that there has been “plenty going on” in the last couple of weeks and emphasised the need for Auckland council to facilitate more housing supply. More>>

ALSO:

Max Rashbrooke: A Failure Of Measurement: Inside The Budget Lock-Up

Shortly after the embargo lifted at 2pm news organisations started filing reports claiming that health, and to a lesser extent housing and education, were the ‘big winners’ out of the Budget. It failed to take into account the fact that in most cases the apparent increases were in fact cuts. Because of the twin effects of inflation and population. More>>

ALSO:

DOCtored Figures: Minister Clarifies DOC Budget

“Commentators have overlooked the fact $20.7m of that perceived shortfall is new funding for Battle for our Birds 2016, provided for in last week’s Budget...” DOC also has approval in principle to carry over a further $20m to 16/17 due to unexpected delays in a number of projects. More>>

ALSO:

For The Birds: Gordon Campbell On The Budget

Budgies, so their Wikipedia page says, are popular pets around the world due to their small size, low cost, and ability to mimic human speech. Which is a reasonably good description of Finance Minister Bill English eighth Budget. . More>>

Max Rashbrooke On The 2016 Budget

The best label for this year’s announcement by Bill English might be the ‘Bare Minimum Budget’. It does the bare minimum to defuse potential political damage in a range of areas – homelessness and health are prime among them – but almost nothing to address the country’s most deep-rooted, systemic social problems. Indeed the Budget hints that these problems may get worse. More>>

ALSO:

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news