INDEPENDENT NEWS

Amended US-NZ double tax agreement progresed

Published: Mon 30 Nov 2009 04:17 PM
Hon Peter Dunne
Minister of Revenue
Monday, 30 November 2009
Media Statement
Dunne: Amended US-NZ double tax agreement progresed
The update of the double tax agreement between the United States and New Zealand has taken a further step towards completion with the signing of an Order in Council that incorporates the amending protocol into New Zealand law, Revenue Minister Peter Dunne announced today.
The main change in the 28-year-old treaty will be lower withholding tax rates that apply to certain dividends, interest and royalty payments made between New Zealand and the United States.
“I welcome this latest development towards bringing this very important tax treaty up to date,” Mr Dunne said.
“The new agreement will benefit both countries by helping to reduce tax barriers to two-way trade and investment, with lower withholding tax rates making it less costly for the businesses involved.
“The next step in the process will be for the United States to give legal effect to the amending protocol, which will be the final legislative step before the updated agreement can enter into force,” Mr Dunne said.
ENDS

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