Dunne: NZ, Hong Kong to enter into tax agreement
Revenue Minister Peter Dunne announced today that New Zealand and Hong Kong are to begin negotiations for a double tax agreement. The negotiations are expected to begin in October.
Double tax agreements are bilateral treaties that help facilitate trade and investment between countries by preventing businesses being taxed twice on income earned in the other country. They also enable the tax authorities of the two jurisdictions to exchange information for the purposes of detecting and preventing tax avoidance and tax evasion.
Hong Kong enacted law reforms earlier this year to enable full information exchange for tax purposes. As a self-governing Special Administrative Region of China, Hong Kong enters into its own tax agreements.
"I welcome Hong Kong's change of stance on information exchange matters, which has made the double tax agreement negotiations possible," Mr Dunne said.
"Hong Kong is the ninth largest market for our exports and is an important source of investment.
"The tax negotiations will help support and strengthen the wider economic ties we share following the signing of the Closer Economic Partnership agreement between Hong Kong and New Zealand by Trade Minister Tim Groser later today," Mr Dunne said
Mark Stewart - Press Secretary, Office of Hon Peter Dunne
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