DTA with Czech Republic in Effect

September 4, 2008 International TaxationNew Zealand Taxation  No comments

The Double Taxation Agreement between New Zealand and the Czech Republic came into effect on the 3rd of September.

The double taxation agreement which was signed on the 30th of October, 2007, was welcomed into force by Revenue Minister Peter Dunne. He went further to say that trade between New Zealand and the Czech Republic has been growing and has future potential for expansion. He cited figures of $9.5 million worth of exports to the Czech Republic and $30 million worth of imports.

Peter Dunne elaborated on the double taxation agreement and stated that it is aimed at lowering impedance to trade and investing between the two countries, through increasing assurance and tax certainty, while lowering compliance costs and in certain cases, tax liability.

The newly active double taxation agreement is the product of a number of bilateral visits by dignitaries from both countries. Most recent amongst these being the Czech Senate Committee of Legal and Constitutional Affairs led by their Chairperson Jaroslav Kubera in 2006, Cyril Svoboda, Deputy Prime Minister and Minister of Foreign Affairs in 2004 and the visit of Dame Silvia Cartwright, Governor General to Czech Republic in 2004.