Wednesday, 12 May 2010
Dunne: NZ-Singapore double tax agreement progressed
The introduction of New Zealand’s new double tax agreement with Singapore came a step closer to completion this week with the signing of an Order in Council which incorporates the agreement into New Zealand law, Revenue Minister Peter Dunne has announced.
“The agreement will enter into force once the equivalent legal requirements have been completed by Singapore,” Mr Dunne said.
“When that happens the new agreement will replace the previous 1973 treaty, bringing with it greater levels of certainty and protection for those doing business between the two countries.
“The new agreement will reduce withholding tax rates on dividends, interest and royalties and bring these more closely into line with New Zealand’s new standard treaty rates.
“It also provides for the full exchange of information on tax matters between New Zealand and Singapore, in line with OECD best practice,” Mr Dunne said.
Mark Stewart | Press Secretary | Office of Hon Peter Dunne
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