Tax Information Exchange Agreement tagged posts
September 5, 2013 New Zealand Taxation
The IRD now has new powers to track down defaulter who leave New Zealand.
On September 4th the IRD and the Department of Internal Affairs announced a new information sharing agreement aimed at helping catch out individuals who skip out on their student loan obligations and child support payments.
The new agreement will allow the Department of Internal Affairs share current contact details for individuals who lodge an application to renew or receive a passport, if they are also skipping out on loan repayments or child support.
The Internal Affairs Minister Chris Tremain explained the benefit of the system, saying that “…this is a good example of government agencies working together to provide better public services and ensure that everyone meets their obligations.”Read More
Photo by nautical2k
A recent international review has praised New Zealand’s tax information exchange mechanisms, describing them as effective and well complemented by the country’s extensive network of international tax information exchange agreements.
New Zealand’s implementation of international tax information exchange mechanisms were evaluated in an international peer review led by the Global Forum on Transparency and Exchange of Information for Tax Purposes, with a report on the findings being released on June 1st.
According to conclusions drawn in the report, the New Zealand government and the New Zealand tax authorities have satisfactorily implemented international standards for tax information exchange and transparency...Read More
The New Zealand Inland Revenue Department (IRD) will begin closer scrutiny of new zealanders with undeclared offshore assets and incomes, in an effort to stop tax evasion.
Last week the IRD released a statement disclosing its intention to utilize New Zealand’s existing Tax Information Exchange Agreements (TIEA) to catch potential tax evaders. Martin Scott, Group Manager of Assurance, revealed that the IRD is particularly interested in discovering New Zealand tax residents undisclosed offshore bank accounts, overseas life-insurance policies and superannuation benefits.
Under current New Zealand tax legislation, taxpayers are required to disclose all of their incomes, including those from foreign sources...Read More
The Double Taxation Agreement (DTA) between New Zealand and Singapore has come one step closer to enactment, having now been incorporated into New Zealand law.
On May 12th the New Zealand Government announced the signing of an Order in Council for the DTA between New Zealand and Singapore. The signing of the Order officially incorporates the agreement into national legislation. According to Peter Dunne, New Zealand Revenue Minister, the DTA will come into effect when the equivalent legal ratification process is carried out by the Government of Singapore.
The new agreement is intended to replace the DTA signed by Singapore and New Zealand in 1973. The DTA will lower withholding rates on dividends, royalties and interest...Read More