UK tagged posts
Those flying from the United Kingdom to New Zealand will see a tax increase of as much as ?90 or $220NZD soon.
In the 2008 pre-budget report released on the 24th of November indicates that Air Passenger Duty (APD) is set to be raised by the British Government. As it stands at them moment the APD is ?10 for European destinations and ?40 for other destinations, in lower class, while all other classes faced taxes of ?20 and ?80 for European and other destinations, respectfully.
The new regime is set to be priced under the scheme of carbon offsetting, namely by charging in distance bands, with higher distances receiving higher penalties. New Zealand and Australia are both in the highest and subsequently most expensive band...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:
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.Read More