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

 


Convention on tax assistance coming into force

Hon Todd McClay

Minister of Revenue

28 February 2014       Media Statement 

Convention on tax assistance coming into force

The multilateral Convention on Mutual Administrative Assistance in Tax Matters will become effective for New Zealand from tomorrow, Revenue Minister Todd McClay says.

The Convention, which New Zealand ratified in November, will greatly enhance our ability to eradicate tax evasion and avoidance.

“International tax evasion and avoidance are one of the biggest threats to our tax system today,” Mr McClay says.

“It is important that taxpayers operating internationally pay their fair share of tax in the jurisdictions they are operating in. This issue cannot be resolved by any single country acting alone, it needs a global solution.”

“The only way to achieve a fair outcome in each country is for countries to collectively agree to share information.”

International cooperation in tax matters is increasing in momentum, with the G20 singling out base erosion and profit shifting (BEPS) and the automatic exchange of information as key issues to be progressed in 2014.

“Both the OECD and G20 are working on the technical details of measures governments can take to tackle BEPS, and on a new global standard for the reporting and automatic exchange of financial account information.”

“The multilateral Convention will supplement these measures, providing us with an additional weapon in the anti-avoidance arsenal.”

“By allowing Inland Revenue to request information from other tax authorities and seek assistance in collecting outstanding debts from tax dodgers who move overseas, this Convention strengthens our ability to prevent avoidance and evasion.”

“We are also fine-tuning our domestic rules to limit the opportunity for evasion and avoidance here in New Zealand.”

“Preventing tax evasion and avoidance is all about fairness. Fairness to the vast majority of New Zealanders who responsibly meet their tax obligations.”

“The net is closing on tax evaders,” Mr McClay says.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

'Tea Break Bill' Passes: Gordon Campbell On Bad Labour Laws And Poor Safety

By co-incidence, one of the prime dangers of the government’s new employment relations law has been underlined by the release of the death and injury statistics among workers at New Zealand ports. These are highly profitable enterprises for the port owners.

The Port of Tauranga for instance, is expecting its current full-year profit to be between $78 million and $83 million and other ports are enjoying similar boom times – but they are also highly dangerous places for the people who work on or around the port premises. At the Port of Tauranga, there have been 26 serious accidents since 2011, and two deaths. More>>

 

Parliament Today:

No Charges: Outcome Of Operation Clover Investigation

Police have completed a multi-agency investigation, Operation Clover, into the activities of a group calling themselves “The Roast Busters”. The 12 month enquiry focused on incidents involving allegations of sexual offending against a number of girls in the Waitemata Police district and wider Auckland area... More>>

ALSO:

UNICEF Report: NZ Cautioned On "Stagnating" Child Poverty

An international report by UNICEF has found that child poverty rates in New Zealand have barely changed since 2008, despite similar sized countries significantly reducing child poverty during the recent recession. More>>

ALSO:

Funding Report: Two Pathways For Transport In Auckland

Commissioned by Auckland Council, the group was asked to investigate two possible pathways for raising $300 million per year ($12 billion over 30 years) to pay for the improvements needed to help fix Auckland’s transport system. More>>

ALSO:

Pay Equity: Equal Pay Win In Court Of Appeal

CTU: The Court of Appeal has made a historic decision paving the way for a substantial equal pay claim for aged care workers. More>>

ALSO:

Gordon Campbell: On The TPP Finishing Line, And Amazon’s Woes

If the Trans Pacific Partnership trade deal wasn’t such a serious matter, this would be pretty funny… More>>

ALSO:

TV3 Video: Three Die On Roads Over Labour Weekend

The official holiday period ended at 6am Tuesday, with three deaths on the roads during the Labour Day weekend. More>>

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news