UK And New Zealand Sign Updated Double Taxation Agreement

by Jason Gorringe, Tax-News.com, London

07 November 2003

The UK government has announced the signature of a Protocol updating the Double Taxation Convention between the United Kingdom and New Zealand which was signed in London on November 4.

The Protocol amends the Convention by updating provisions on business profits, dividends, interest, royalties, the exchange of information and the treatment of capital gains. The Protocol also includes a provision to deal with income not covered by any other Article of the Convention.

When the Protocol enters into force, the amendments will have effect in both countries from the date of signature in respect of the provisions relating to capital gains and the exchange of information. In the United Kingdom the other provisions will take effect from 1 April (for corporation tax purposes), and from 6 April (for income tax purposes) following the date of entry into force. In New Zealand, the other provisions will take effect from 1 April following the date of entry into force.

Also this week the government announced the commencement of the Double Taxation Convention with Mauritius which was signed in Port Louis on 27 March 2003, entering into force on 22 October 2003. In addition, discussions are to be held at an official level between representatives of the Greek and UK governments relating to the update of the Double Taxation Convention between the two countries.

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