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US & NZ Sign Protocol to Income Tax Treaty

US & NZ Sign Protocol to Income Tax Treaty

The Treasury Department announced today that Deputy Secretary Robert M. Kimmitt and New Zealand's Ambassador to the United States Roy Ferguson signed a protocol updating the current income tax treaty between the United States and New Zealand.

In a ceremony held at the Treasury Department, the two officials signed a Protocol that brings the existing tax treaty into closer conformity with current U.S. tax treaty policy. The new agreement provides for the elimination of source-country taxation of certain direct dividends, and interest paid to banks and other financial enterprises when the payer of the interest is not a related party. The new protocol also reduces the existing treaty's limit on taxation of cross-border payments of royalties to five percent.

The new protocol introduces a number of technical updates to the existing treaty, and also contains comprehensive and modern rules regarding limitation on benefits, non-discrimination and exchange of information.

The final version of the unsigned protocol is attached.

REPORTS

Protocol to the US, New Zealand Income Tax Treaty

ENDS

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