Amended Double Taxation Convention: New Zealand

HM Revenue & Customs (UK)

Amended Double Taxation Convention: New Zealand

A Protocol amending the exchange of information within the United Kingdom's (UK) Double Taxation Convention with New Zealand was signed in London today.

The Protocol was signed by Rt Hon Jane Kennedy MP, Financial Secretary to the Treasury and the Rt Hon Jonathan Hunt ONZ, the New Zealand High Commissioner.

A new provision regarding assistance in the collection of taxes between the countries has also been added.

The text of the Protocol is available on HM Revenue & Customs' website at:
http://www.hmrc.gov.uk/international/new-zealand.pdf and will be presented to Parliament early next year for approval.

The Protocol will enter into force once both countries have completed their legislative procedures and will take effect in both countries from the date that it enters into force.

Notes:

1. Double Taxation Conventions aim to eliminate the double taxation of income or gains arising in one country and paid to residents of the other country.

2. Conventions work by dividing-up the taxing rights that each country has under its domestic law over the same income and gains.

3. Additional protection for taxpayers is provided by specific measures combating discrimination in tax treatment.

4. The UK has Double Taxation Conventions with more than 100 countries; it seeks to encourage and maintain an international consensus on the appropriate tax treatment of cross border economic activity.

5. Following Parliaments' approval, the Protocol's text will be published by the Stationery Office.

Issued by HM Revenue & Customs Press Office

ENDS

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