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

 


Tax Agreement with Viet Nam now in force

Tax Agreement with Viet Nam now in force

New Zealand's new double tax agreement with Viet Nam has now come into force, Revenue Minister Todd McClay announced today.

“The new double tax agreement (DTA) which was signed in August 2013 brings our network of tax agreements to 39 DTAs. It also increases our DTA coverage amongst our trading partners in the ASEAN region.

“In line with DTAs with our other trading partners, the new agreement will give businesses greater certainty over the tax treatment of cross-border investment income, reduce compliance costs for both New Zealand and Vietnamese investors, and will lower withholding tax rates on dividends, interest and royalties,” Mr McClay said.

Mr McClay said that double tax agreements helped encourage growth in economic ties between countries and promote cross-border trade by preventing businesses and individuals from being taxed twice on income earned in the other country. They also encourage investment by reducing withholding tax rates on interest and dividends.

"Extending and maintaining our network of double tax agreements is a priority for the government as DTAs play an important role in removing obstacles to cross-border trade and investment”.

Mr McClay said that double tax agreements were also a highly effective means for closing the net on avoidance and evasion.

The full text of the New Zealand-Viet Nam double tax agreement is available atwww.taxpolicy.ird.govt.nz.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Royals: The Prince Of Wales And Duchess Of Cornwall To Visit

Prime Minister John Key welcomes today’s announcement that the Prince of Wales and The Duchess of Cornwall will visit New Zealand in November. This will be the second joint visit for Their Royal Highnesses to New Zealand. More>>

ALSO:

Tracey Martin Replaced: Ron Mark Is New New Zealand First Deputy Leader

Clayton Mitchell was the successful candidate for the Associate Whip position. Winston Peters was re-elected as Leader by the Caucus. Ron Mark was elected as the Deputy Leader with effect from 10am, Friday, 3rd July. More>>

ALSO:

Rebuild Rebrand: "Regenerate Christchurch" To Replace CERA

The regeneration of Christchurch will be the city’s focus for the next five years as local leadership progressively takes control of the rebuild, Canterbury Earthquake Recovery Minister Gerry Brownlee says. More>>

ALSO:

Nauru: Scholars Urge Minister To Act On Deteriorating Democracy

“Since the 2013 election in Nauru, there has been a series of disturbing developments on the islands that indicate a severe deterioration in the state of its parliamentary democracy and in the rule of law,” say the scholars. More>>

ALSO:

Foreign Affairs: NZ Begins Presidency Of UN Security Council

Prime Minister John Key has welcomed the start of New Zealand’s month-long Presidency of the United Nations Security Council in New York. More>>

ALSO:

Labour: Cash For Charter Schools, Mould For State Schools

“Recently released financial statements show the Whangarei charter school He Puna Marama received $3.9 million in government funding to the end of last year. Yet their audited accounts show they only spent $1.4 million on education, leaving almost $2.5 million over two years unaccounted for." More>>

ALSO:

Kiwirail Plans Shift From Electric: National Urged Not To Take Backwards Step

The National Government shouldn’t drag New Zealand backwards by replacing its climate friendly electric trains with carbon-polluting diesel trains, the Green Party said today. More>>

ALSO:

Capital Connection:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news