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New Zealand Signs Multilateral Tax Convention

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

02 November 2012


New Zealand has signed the multilateral Convention on Mutual Administrative Assistance in Tax Matters, a step Revenue Minister Peter Dunne says will make tax evasion significantly more difficult.

The Convention on Mutual Administrative Assistance in Tax Matters was developed jointly by the Organization for Economic Cooperation and Development (OECD) and the Council of Europe. It was amended in 2010 to improve the standard of co-operation between signatory countries, and to open the convention to countries other than OECD or Council of Europe members. The total number of countries signing up to the Convention has reached 42, and 10 additional countries have formally signalled their intention to do so.

The Convention is designed to promote international cooperation between national revenue authorities, and to help enforce national tax laws. It will allow New Zealand's Inland Revenue to request information from other tax authorities and to seek assistance in collecting outstanding tax debts from taxpayers who move overseas.

Announcing New Zealand's signature, Dunne said that signing the Convention had "significantly increased New Zealand's international tax treaty network at a single stroke". New Zealand now has 38 double tax agreements and a growing network of tax information exchange agreements. "Being a signatory to this convention is one more nail in the coffin for tax evasion," Dunne said.

TAGS: compliance | tax | tax compliance | tax avoidance | law | Organisation for Economic Co-operation and Development (OECD) | agreements | New Zealand | mutual assistance agreement

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