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New Zealand Highlights 2009 Progress On TIEAs, DTAs

by Mary Swire, Tax-News.com, Hong Kong

18 December 2009


Announcing new tax information exchange agreements (TIEAs) with Anguilla and the Turks and Caicos Islands, Revenue Minister Peter Dunne noted that New Zealand has signed 12 bilateral TIEAs this year.

All the TIEAs signed so far conform to the internationally agreed Organization of Economic Cooperation and Development (OECD) standard for the exchange of information for tax purposes upon request. They give the tax authorities of both countries a greater ability to exchange taxpayer information and to exchange information on a wider range of taxes.

"The signing of TIEAs is part of a new international emphasis on tax cooperation that is already enabling Inland Revenue to get more and better information from its treaty partners concerning overseas transactions and investments made by New Zealand tax residents," Dunne said.

He pointed out that New Zealand has also advanced a number of other significant tax treaty negotiations this year, including a new double tax agreement (DTA) signed with Australia in June. "A new DTA was also signed with Singapore in August, which replaces the earlier treaty signed in 1973 between the two countries, while several other DTAs were recently updated, including our agreements with the United States and Belgium," he added.

"DTAs play an important role in facilitating trade and investment between New Zealand and our partner jurisdictions by reducing tax impediments,” Dunne emphasized. “A significant effort will be required to bring the 16 new treaties into force. In the case of the key treaties with Australia and the United States, that work is well advanced."

A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp

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