New Zealand has signed Tax Information Exchange Agreements with Jersey and the Isle of Man, Revenue Minister Peter Dunne announced today.
The signing of both agreements took place at a ceremony in London overnight New Zealand time.
*”I welcome the signing of these latest Tax Information Exchange Agreements, which will help to encourage greater co-operation between tax authorities,”* Mr Dunne said.
He continued, *”Tax Information Agreements are bilateral international treaties that establish a mechanism by which tax authorities can request tax records, business books and accounts, bank information, ownership information, and other tax-related information from each other for purposes of preventing tax avoidance and evasion.*
*”In recent months there have been increasing numbers of TIEAs signed, all over the world, as growing numbers of financial centres agree to adopt OECD and United Nations standards for exchange of tax-related information.*
*”These are the fourth and fifth such agreements that New Zealand has signed since March, and others are under negotiation.”*
The new Tax Information Exchange Agreements with Jersey and the Isle of Man will come into force once both countries have given legal effect to them.