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

 

PARLIAMENT TODAY:

Salvation Army On Homelessness: Hard Times In West Auckland

The report details an uncomfortable story of people whose only option is to live an unhealthy, dangerous and damaging street life... The social housing needed by these people is not currently available in sufficient quantity. More social housing is required in the West. More>>

ALSO:

Message For PM: NZ Supports Te Reo Māori – You Should Too

As Māori Language Week celebrations and commemoration of 40 years draws to an end, the Māori Language Commission, Te Taura Whiri i te Reo Māori, is once again hugely encouraged by the widespread support for Māori language from throughout the country ... More>>

ALSO:

Arming Police: Frontline Police To Routinely Carry Tasers

"In making the decision, the Police executive has considered almost five years worth of 'use of force' data… It consistently shows that the Taser is one of the least injury-causing tactical options available when compared with other options, with a subject injury rate of just over one per cent for all deployments." More>>

ALSO:

Gordon Campbell: On D-Day For Dairy At The TPP

While New Zealand may feel flattered at being called “the Saudi Arabia of milk” it would be more accurate to regard us as the suicide bombers of free trade. More>>

ALSO:

Leaked Letter: Severe Restrictions on State Owned Enterprises

Even an SOE that exists to fulfil a public function neglected by the market or which is a natural monopoly would nevertheless be forced to act "on the basis of commercial considerations" and would be prohibited from discriminating in favour of local businesses in purchases and sales. Foreign companies would be given standing to sue SOEs in domestic courts for perceived departures from the strictures of the TPP... More>>

ALSO:

"Gutted" Safety Bill: Time To Listen To Workplace Victims’ Families

Labour has listened to the families of whose loved ones have been killed at work and calls on other political parties to back its proposals to make workplaces safer and prevent unnecessary deaths on the job. More>>

ALSO:

Regulators: Govt To ‘Crowd-Source’ Regulatory Advice

A wide-ranging set of reforms is to be implemented to shake up the way New Zealand government agencies develop, write and implement regulations. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
More RSS  RSS News AlertsNews Alerts
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news