Ireland tagged posts
October 13, 2008 New Zealand Finance
In a bid to increase financial confidence, the New Zealand Government has instituted a bank deposit guarantee scheme.
The scheme was announced by Finance Minister Michael Cullen and was brought in under the Public Finance Act. While he went on to say that the government has total confidence in the New Zealand banking sector, the initiative was to ensure confidence from both banks and New Zealand investors. The move follows similar schemes adopted recently by Ireland and Australia.
The Deposit Insurance is currently is pegged at $150 million dollars, and is an optional opt-in scheme, and is planned initially for a two year time period. Currently registered banks and deposits by institutions like building societies and credit unions are eligible for the scheme.
At the time of publication AS...Read More
Double taxation agreements are tax treaties between two countries. These agreements come into effect when a person is a tax-resident of both New Zealand and another country.
Double Taxation agreements prevent the situation of taxation on one income by two countries, through coming to an agreement as to what incomes will be taxed in the country of residence and exempt in the country of occurrence. It also deals with the opposite case where the income will be taxed at the country of occurrence and compensation arises in the country of residence.
Double Taxation also extends to more comprehensive sharing of tax information between tax authorities.
New Zealand currently holds double taxation agreements with the following countries: