A new double taxation avoidance treaty between New Zealand and Spain has entered into force, New Zealand's Revenue Minister Peter Dunne has announced.
The agreement with Spain was first signed on 28 July 2005 and has now been fully ratified by the governments of both signatories. The new agreement will be effective for New Zealand withholding taxes from 1 September 2006, and for all other New Zealand taxes from 1 April 2007.
"This is New Zealand's thirty-first agreement, and is a significant step forward in the government's Latin American trading strategy, because Spain is an important entry point for that region," Dunne observed.
New Zealand exports NZ$222 million (US$137 million) worth of goods and services to Spain annually, while the country imports about NZ$165 million worth of goods from Spain.
Double tax agreements play an important role in fostering cross-border trade and investment by preventing businesses from being taxed twice, giving greater certainty to the tax treatment of cross-border business, and reducing compliance costs for some activities.
"New Zealand already has a significant trading relationship with Spain, which this agreement will help to grow further," Dunne stated.
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