Scoop has an Ethical Paywall
License needed for work use Register
Parliament

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

 

NZ, Bermuda to sign Tax Info Exchange Agreement

Hon Peter Dunne
Minister of Revenue
Associate Minister of Health

Tuesday, 31 March 2009 Media Release


NZ, Bermuda to sign Tax Information Exchange Agreement

New Zealand and Bermuda will soon sign a bilateral agreement that provides for full exchange of information on criminal and civil tax matters between the two countries, Revenue Minister Peter Dunne announced today.

The signing of the Tax Information Exchange Agreement (TIEA) will take place at the New Zealand Embassy in Washington DC on 16 April.

“I welcome the signing of this important agreement with Bermuda, which was one of the first international finance centres to engage in partnership with OECD countries in the worldwide effort to achieve greater transparency and co-operation in tax matters.

“The TIEA will enable tax authorities to access information about any persons who are seeking to evade payment of tax and will also help disclose assets that have not been reported in their home country,” Mr Dunne said.

Information to be exchanged includes information on beneficial ownership of companies in the whole ownership chain; settlors, trustees and beneficiaries of trusts, and information held by banks and financial institutions.

“New Zealand has an established network of exchange-of-information arrangements in the 35 double tax agreements it has with major trading and investment partners,” he said.

That network is now being extended by the negotiation of TIEAs with international finance centres. New Zealand signed its first TIEA, with the Netherlands Antilles, in 2007. The TIEA with Bermuda will be New Zealand’s second. Others are under negotiation.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“Recent weeks have seen major developments worldwide in tax co-operation as an increasing number of financial centres have announced that they will adopt OECD standards for exchange of information,” Mr Dunne said.

“These developments are expected to further the negotiation of an extensive network of exchange of information arrangements, making it increasingly difficult for people to hide income and assets offshore.

“Bermuda agreed to work with New Zealand towards the conclusion of a TIEA long before the recent developments. I congratulate Bermuda on its progressive stance, and look forward to strengthening the spirit of goodwill that has developed between our two countries,” Mr Dunne said.

ENDS

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines



Gordon Campbell: On National Passing Bad Policies Under Urgency


If National really had faith in its welfare policies, it wouldn’t be ramming them through Parliament under urgency – a step that means the policies can’t be exposed to select committee debate, public submissions, expert commentary, media scrutiny and all the normal democratic processes that this coalition appears to hold in contempt.
For example: Under urgency, the government has decided to index benefit increases in future to inflation, rather than to wages...
More


 
 
Government: Budget Will Be Delivered On 30 May

Plans to deliver tax relief to hard-working New Zealanders, rebuild business confidence, and restore the Crown’s finances to order will be unveiled on 30 May, says Nicola Willis. More


Government: Ministers Reaffirm Pacific Connections

Foreign Minister Winston Peters and Health Minister and Minister for Pacific Peoples Dr Shane Reti reaffirmed the importance of New Zealand’s connections to the Pacific by visiting Tonga, Cook Islands, & Samoa. More

Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said. More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996. More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.