NZ To Implement Tax Assistance Agreement Next Year
by Mary Swire, Tax-News.com, Hong Kong
29 December 2014
The Convention on Mutual Assistance in Tax Matters will be operational in New Zealand from January 1, 2015, Revenue Minister Todd McClay has said.
The Convention, signed in 2012, provides for administrative co-operation between tax authorities in the assessment and collection of taxes.
It provides for all forms of mutual assistance: exchange on request; spontaneous exchange; tax examinations abroad; simultaneous tax examinations; and assistance in tax collection; while also protecting taxpayers' rights. It provides the option to undertake automatic exchange of tax information.
McClay said that the Convention will strengthen Inland Revenue's powers to discover evasion and pursue tax debt overseas.
"Some people believe that when they leave New Zealand they can escape their tax debts," he said. "They need to be aware that offshore no longer means off limits."
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