New Zealand, Papua New Guinea Sign Tax Deal

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

31 October 2012

New Zealand and Papua New Guinea have inked a double tax agreement (DTA), a deal ministers say will help reduce tax impediments on doing business.

The agreement was signed by New Zealand's Foreign Affairs Minister Murray McCully and the Papua New Guinea Foreign Minister Rimbink Pato on October 29.

According to McNully, the scope to expand trade and economic ties with Papua New Guinea is huge, with the country of increasing importance for New Zealand businesses.

“Papua New Guinea’s economy is growing at nearly 10% per year on the back of huge gas and minerals developments, providing outstanding opportunities for New Zealand businesspeople,” he said.

New Zealand has now signed 38 DTAs. The agreement with Papua New Guinea will come into force once both countries give legal effect to it.

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