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

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news