NZ-UK Double Taxation Agreement Updated
An updated of the 1983 double taxation agreement between the United Kingdom and New Zealand was announced and came into force on the 29th of August. Primarily the update is an attempt to bring the agreement in closer alignment with OECD double taxation standards in regards to exchange of information between tax authorities. It further strengthens ability between the United Kingdom and New Zealand to enforce tax laws and recover tax debts across borders.
The Revenue Minister, Peter Dunne, was quoted saying that these updated regulations will improve both nation’s economies through the reduction of tax avoidance and evasion and the improvement of tax collection.