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23 August 2009

New Zealand, Singapore sign new tax accord

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New Zealand and Singapore signed a new double tax agreement in Singapore on Friday to replace their 1973 treaty, reported Chinese news agency Xinhua.

The new agreement will allow for full exchange of information on tax matters between the two countries.

New Zealand exports to Singapore were worth nearly $700 million New Zealand dollars ($470 million) a year and imports from the Asian country amounted to 1.9 billion New Zealand dollars.

Singapore was also an important source of investment for New Zealand with recent direct investment from Singapore totaling 1.6 billion New Zealand dollars.

Double tax agreements reduce tax impediments to trade and investment between countries by preventing cross-border business income being taxed twice. They also give greater certainty about how that income will be taxed.



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