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

Joint Statement: Establishment Of NZ-China Strategic Partnership

At the invitation of Governor-General Lt Gen The Rt Hon Sir Jerry Mateparae and Prime Minister The Rt Hon John Key of New Zealand, President Xi Jinping of the People’s Republic of China made a state visit to New Zealand from 19 to 21 November 2014.

During his visit, President Xi Jinping met with Governor-General Jerry Mateparae, and held talks with Prime Minister John Key. The leaders had an in-depth exchange of views on bilateral relations as well as regional and international issues of common interest. More>>

 
 

Parliament Today:

Savings Targets: Health Procurement Plan Changes Direction

Next steps in implementing DHB shared services programme Health Minister Jonathan Coleman says the Government has agreed to explore a proposal put forward by DHBs to move implementation of the shared services programme to a DHB-owned vehicle. More>>

ALSO:

More on Health Policy:

Auckland Unification: 'No IT Cost Blowout' (Just More Expensive)

Following discussion of an update on Auckland Council’s Information Services Transformational Programme at today’s Finance and Performance Committee, council has released the report publicly. More>>

ALSO:

Other Expensive Things:

Gordon Campbell: On The SAS Role Against Islamic State, And Podemos

Only 25% of the US bombing runs are even managing to locate IS targets worth bombing. As the NYT explains at length, this underlines the need for better on-the-ground intelligence to direct the air campaign to where the bad guys have holed up... More>>

ALSO:

Public Service: Commission Calls For Answers On Handling Of CERA Harassment

EEO Commissioner Dr Jackie Blue is deeply concerned about the way in which the State Services Commission has handled sexual allegations made against CERA chief executive Roger Sutton this week and is calling for answers. More>>

ALSO:

Gordon Campbell:
On Andrew Little’s Victory

So Andrew Little has won the leadership – by the narrowest possible margin – from Grant Robertson, and has already been depicted by commentators as being simultaneously (a) the creature of the trade unions and (b) the most centrist of the four candidates, which would be an interesting trick to see someone try in a game of Twister. More>>

ALSO:

China President Wishlists: Greens Welcome Xi, But Human Rights Need To Be On Agenda

“President Xi has made some progress on climate change, but he must also lift the Chinese government’s game on human rights issues,” Green Party Co-leader Dr Russel Norman said... It is important that our Government continues to urge the Chinese government to show restraint and respect human rights in both Tibet and the Xinjiang province.” More>>

ALSO:

Airport Security Breach: CAA Fines Minister

Minister Brownlee has been issued an infringement notice and is required to pay a $2000 infringement fine for breaching Civil Aviation Rule 19.357(b), which states no person may be in an airport security area without an appropriate identity card or document. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news