29 Jun 2009

Tax agreement with Australia signed

9:13 pm on 29 June 2009

New Zealand and Australia have agreed to reciprocal tax agreement which could be in place by the end of this year.

The double tax agreement, which was signed off on Saturday, will replace the existing tax agreement signed off in 1995.

The Government says the new agreement will reduce barriers to trade and accelarate progress to a single economic market.

It says the new agreement resolves pension transferrence issues and allows a lower Witholding Tax rate on trans-Tasman payments.