The United Arab Emirates and New Zealand concluded a double taxation agreement during the IMF/World Bank annual meeting in Dubai last week, the first such treaty signed between New Zealand and a Middle Eastern nation.
The treaty, known as the Arrangement on Trade and Economic Cooperation (ATEC) is expected to go into effect in the next income year and will remove many tax obstacles to bi-lateral trade. The agreement will include the operation of Emirates airlines in New Zealand following the establishment of an air route between the two countries last month.
Commenting on the deal, New Zealand Finance Minister Michael Cullen said the UAE was the country's third largest trading partner in the region and would offer substantial potential for future development.
The treaty follows a similar double taxation agreement between the UAE and South Korea also concluded in Dubai last week.
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