Inland Revenue - Tax policy Tax Policy

News and information about the Government's tax policy work programme, including:
- proposed changes to the laws that Inland Revenue is responsible for
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NZ signs TIEA with Jersey, Isle of Man

28 July 2009

New Zealand has signed Tax Information Exchange Agreements with Jersey and the Isle of Man. Once in force, the agreements will allow full exchange of information on criminal and civil tax matters. For more information see the media statement and the text of the two Tax Information Exchange Agreements.


Hon Peter Dunne
Minister of Revenue

MEDIA STATEMENT

Tax info agreements with Jersey, Isle of Man

New Zealand has signed Tax Information Exchange Agreements with Jersey and the Isle of Man, Revenue Minister Peter Dunne announced today.

The signing of both agreements took place at a ceremony in London overnight New Zealand time.

"I welcome the signing of these latest Tax Information Exchange Agreements, which will help to encourage greater co-operation between tax authorities," Mr Dunne said.

"Tax Information Agreements are bilateral international treaties that establish a mechanism by which tax authorities can request tax records, business books and accounts, bank information, ownership information, and other tax-related information from each other for purposes of preventing tax avoidance and evasion.

"In recent months there have been an increasing numbers of TIEAs signed, all over the world, as growing numbers of financial centres agree to adopt OECD and United Nations standards for exchange of tax-related information.

"These are the fourth and fifth such agreements that New Zealand has signed since March, and others are under negotiation," he said.

The new Tax Information Exchange Agreements with Jersey and the Isle of Man will come into force once both countries have given legal effect to them.

Both agreements are available at www.taxpolicy.ird.govt.nz.

Media contact: Mark Stewart, Press Secretary, 021 243 6985