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Publish Date : 11-Feb-2014

Revenue Minister Todd McClay announced that a new double tax agreement between New Zealand and Papua New Guinea is now effective.

Double tax agreements proves to be of great help to businesses and individuals by preventing payment of taxed being made twice on income earned in the other country. It helps in promoting growth and cross-border trade.

McClay added, "Trade in the Pacific and particularly with Papua New Guinea is taking on greater importance for New Zealand. This agreement will strengthen international cross-border trade and investment partnerships for the benefit of businesses, investors and taxpayers in both countries."

He said, "The agreement recently came into effect after being signed by both countries in 2012. It will give businesses greater certainty over the tax treatment of cross-border investment income, reduce compliance costs for both New Zealand and PNG investors, and will lower withholding tax rates."

"This agreement further strengthens our network of double tax agreements, and widens New Zealand's tax information exchange network, which is important in helping authorities prevent tax evasion and avoidance," he added.

"This Government wants New Zealand businesses to operate competitively on the global stage. Double tax agreements help provide the business and tax environment to support them to do that."

Followed by the PNG agreement, the number of double tax agreements New Zealand has with other countries stands at 38.

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