Dunne: NZ, Belgium upate double tax agreement

An update to the 1981 double tax agreement between New Zealand and Belgium took a step closer to completion this week with the signing of an amending protocol, Revenue Minister Peter Dunne announced today.

"The changes made by this second protocol are mainly to update a number of technical matters to ensure the DTA remains relevant to the tax laws in each country," Mr Dunne said.

"The next step in the process is for both countries to give legal effect to the amending protocol, which in New Zealand will be by Order in Council.

"Since work on this protocol began, further discussions have taken place between our two countries, focussing mainly on updating the exchange of information provisions of the DTA to meet new international standards. 

"An announcement on the progress of this important initiative is likely to be made early next year," Mr Dunne said.

New Zealand currently has 35 double tax agreements with other countries, aimed at reducing tax impediments to trade and investment between countries by preventing double taxation.