Poland-NZ double tax agreement in force
New Zealand's new double tax agreement with Poland has entered into force, Revenue Minister Peter Dunne announced today.
The agreement will take effect in both countries for withholding tax from 1 January 2007. For other taxes it will generally take effect from1 January 2007 in Poland and from 1 April 2007 in New Zealand.
"Poland's integration into the economy of the European Union, which it joined in 2004, should lead to significant trade opportunities for New Zealand," Mr Dunne said.
"Current exports to Poland include offal, butter, wool and tools, and imports to New Zealand include lamps, dried fruit, electrical switching equipment and glassware.
"The new double tax agreement will help to reduce the costs for New Zealanders doing business in Poland and to forge stronger economic links between the two countries.
"Double tax agreements remove tax obstacles to cross-border trade and investment. They prevent businesses being taxed twice on income, give greater certainty about how cross-border investment income is to be taxed, reduce compliance costs for some activities and lower tax on some income," Mr Dunne said.
The text of the double tax agreement is published at www.taxpolicy.ird.govt.nz.
Contact: Ted Sheehan, Press Secretary, Cell: 021 638 920