New Zealand Revenue Minister Michael Cullen announced last week that an agreement on the avoidance of double taxation has been signed between New Zealand and South Africa.
The latter country represents a significant emerging market for New Zealand, with exports sent to South Africa leaping from $72 million in 1999 to $144 million last year, and Mr Cullen expressed hope that this new agreement will strengthen the economic links between the two countries still further.
Under the terms of the agreement, many short term business activities conducted in one country will be exempted from tax in the other. However, the New Zealand Revenue Minister revealed that sportspeople, musicians, actors, and television personalities will not benefit, as their income will still be taxable where it is not earned in their home country.
The treaty is set to come into force in the 2002-03 financial year.
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