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New Zealand, Turkey Sign DTA

by Mary Swire,, Hong Kong

26 April 2010

New Zealand’s Prime Minister, John Key, and Turkey’s Prime Minister, Recep Tayyip Erdogan, met in Ankara on April 22 and completed various bilateral arrangements between their two countries.

The two Prime Ministers signed an agreement for the avoidance of double taxation, including provisions for both New Zealand and Turkey not to tax the repatriated income that an individual or corporate resident of one country has earned in the other country, and which has already been taxed.

A reciprocal Working Holiday Scheme was also signed, and John Key then announced that up to 100 young New Zealanders each year will be able to spend 12 months living and working in Turkey.

A joint declaration was also completed, outlining how ties between New Zealand and Turkey can be broadened and strengthened.

"The annual ANZAC commemorations on Gallipoli Peninsula underpin a strong bond,” John Key said. “We can use these historical ties to grow trade and investment between our two countries.”

“Turkey can become a key gateway to Europe, the Caucasus and the Middle East for New Zealand businesses,” he added. “It also has a significant and rapidly expanding market of its own. New Zealand can play a similar role for Turkish businesses wishing to benefit from the fast-growing Asia Pacific market."

TAGS: tax | business | double tax agreement (DTA) | law | agreements | New Zealand | Turkey

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