TIEA tagged posts

Isle of Man – NZ Tax Agreement Now in Force

July 31, 2010 International TaxationNew Zealand Taxation

Laxey WheelNew Zealand and the Isle of Man are set to usher in a new level of tax transparency, cooperation and compliance, after two separate tax agreements between the countries came into force.

The High Commission in London has confirmed that the Governments of New Zealand and the Isle of Man have appropriately completed their legal ratification processes regarding the Tax Information Exchange Agreement (TIEA) and Double Taxation Agreement (DTA) signed by the countries. With the stipulated one year waiting period over, as outlined in the agreements, the DTA and TIEA came into force on July 27th.

Under the new TIEA, the Governments of both countries will be able to request taxation and bank information on taxpayers in cases of suspected tax evasion or investigations...

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IRD to Investigate Offshore Incomes

July 5, 2010 International TaxationNew Zealand Taxation

Auckland CityThe 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...

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NZ Singapore Tax Agreement Progresses

May 14, 2010 International TaxationNew Zealand Taxation

IMG_5926The 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...

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NZ Signs Two Tax Agreements

March 18, 2010 International FinanceNew Zealand Finance

the Tobago Cays in the GrenadinesNew Zealand has signed Tax Information Exchange Agreements (TIEA) with St Vincent and the Grenadines, and Dominica.

On March 17th Peter Dunne, New Zealand Revenue Minister, announced that New Zealand had signed two new TIEA agreements, bringing the national total to 15. The newly signed bilateral agreements are Organization for Economic Cooperation and Development (OECD) model documents which provide a internationally agreed upon standard for the exchange of tax data between participating nations in civil and criminal investigations. The new TIEAs will come into effect when each country in the agreement gives legal effect to the document, which in New Zealand occurs by Order of the Council.

TIEAs have become an important benchmark for nations as means of demonstrating commitment to interna...

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