Updated UK-NZ double tax agreement in force
The updated double tax agreement between the United Kingdom and New Zealand has come into force, Revenue Minister Peter Dunne announced today.
"The main purpose in updating the 1983 double tax agreement was to strengthen co-operation between the United Kingdom and New Zealand in the enforcement of tax laws and collection of tax," Mr Dunne said.
"To that end, the updated agreement is more closely aligned with the new OECD standard on exchange of information between tax authorities.
"In particular, the two tax authorities are now allowed to exchange information on other taxes besides income tax, and they can request assistance from each other in the recovery of tax debt.
"The changes are designed to help reduce tax avoidance and evasion and improve revenue collection, which will be of benefit to both countries," Mr Dunne said.
The text of the amending protocol to the agreement is available at www.taxpolicy.ird.govt.nz.
Ted Sheehan, Press secretary to Mr Dunne, 04 470 6985, 021 638 920