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Revenue Minister Peter Dunne today announced new, lower non-resident withholding tax rates on dividends and royalty payments under New Zealand’s double tax agreements with Chile and Mexico.

The new reciprocal withholding tax rate on royalties arising in New Zealand and Chile is 5%, down from 10%.

For dividend payments arising in New Zealand and Mexico, the new withholding tax rate has been reduced from 15% to either 5% or zero, depending on the size of the investor’s shareholding in the company paying the dividend and certain other criteria.

Revenue Minister Peter Dunne has welcomed the coming into force of the new double tax agreement between New Zealand and Turkey, saying the agreement “is good news for businesses and investors in both countries”.

“Double tax agreements provide trade and investment advantages for businesses and investors by regulating how transactions should be taxed between the two countries,” Mr Dunne said.

Kia ora Koutou.

Thank you for inviting me to be here today to celebrate developing the world’s first bicultural ASIST tool and the launch of Lifeline’s new SafeTALK campaign.

This is an exciting day for you all as it sees the culmination of a great deal of hard work!

But, more importantly your hard work will contribute to improving they way we address the issue of suicide in New Zealand.  

Associate Health Minister Peter Dunne has welcomed news that synthetic cannabis heavyweight Matt Bowden is quitting the industry.

He said it was tacit acknowledgement that the Misuse of Drugs Act changes that he took through Parliament last week are going to "devastate an unprincipled industry".

"The truth is that for years, Matt Bowden has played a double game of calling for regulation whenever his profits were threatened, while scoring every last dollar as fast as he could with no product standards in place.

Associate Health Minister Peter Dunne today announced that he has issued the first temporary class drug notice under the Misuse of Drugs Act that was amended last week, and that all Kronic and other synthetic cannabis products will be off the market by next Wednesday.

“The first temporary class drug notice is being gazetted today. The seven day period until it takes effect begins today,” Mr Dunne said.

“These products are untested as demonstrated by two recent recalls, and suppliers cannot experiment on our youth,” Mr Dunne said.

I move that the Misuse of Drugs Amendment Bill be now read a third time.

The third reading of this Bill gives me a great deal of pleasure.

What began as a Bill with a primary purpose to reclassify pseudoephedrine and ephedrine as Class B2 controlled drugs has become out of necessity a Bill that will also enable the Government to more easily deal with the potential harms associated with new and emerging psychoactive substances, like Kronic.

Law to ban synthetic cannabis products will be in place by Friday, and all 43 current products are expected to be out of shops just over a week later, Associate Health Minister Peter Dunne announced today.

Cabinet has today approved amendments to the Misuse of Drugs Amendment Bill that will take Kronic and other synthetic cannabis products off the market for 12 months while the Government works on its detailed response to the Law Commission’s recent report, he said.

Revenue Minister Peter Dunne has applauded the release of Inland Revenue’s compliance focus report, released today.

The report, Helping you get it right: Inland Revenue’s compliance focus 2011-12,  is aimed at helping New Zealanders meet their tax obligations and highlights areas of non-compliance such as aggressive tax planning, under-reporting of income and operating outside the tax system and fraud and identity theft.

Payroll Giving donations have hit $3 million since the scheme’s inception 18 months ago, Revenue Minister Peter Dunne said today as he applauded Telecom for being the first major corporate to join the scheme.

“It is completely fitting that such a large and cornerstone New Zealand corporate as Telecom has decided to give its employees the chance to donate to charities directly from their pay packets,” Mr Dunne, the architect of the scheme, said.

He said more than 1000 employers had now signed up for Payroll Giving.

The Misuse of Drugs Amendment Bill will restrict the availability of the main precursor substances used to make the Class A drug methamphetamine, Associate Health Minister Peter Dunne says.

Speaking at its second reading in Parliament last night, Mr Dunne said the bill would “close off the source of domestic methamphetamine precursor substances”.

“This cannot wait. Methamphetamine is the only illegal stimulant drug commonly manufactured in our country, and we have high rates of use by international standards,” he said.

Associate Health Minister Peter Dunne has confirmed in Parliament that “stronger additional amendments” to drug legislation to deal with synthetic cannabinoids are just weeks away and will be Parliament’s “first item of business” in its next session.

He said the changes will clamp down on synthetic cannabis until the onus of proof can be changed and the industry made to prove its products are safe.

Replacing assets lost in the earthquake will become more feasible for Canterbury businesses, Revenue Minister Peter Dunne said today.

A Supplementary Order Paper to the Taxation (Tax Administration and Remedial Matters) Bill released today by Mr Dunne provides roll-over relief for depreciation recovery.

Mr Dunne said that the release of the Supplementary Order Paper was another step towards providing taxpayers with relief from taxation on windfall gains on depreciation recovered resulting from the earthquakes. 

Seven in ten people responding to the Government’s consultation on the child support scheme want comprehensive changes to the system, Revenue Minister Peter Dunne said today in releasing a summary of more than 2000 public submissions.

“The submissions generally reflect the strongly held views in the community that the scheme can be fairer to all parties and of more direct benefit to the children it is set up to support,” Mr Dunne said.

“I intend to deliver on that,” he said.

Foreign scammers might have over-stepped the mark with the latest target of their tax refund email scams, says Revenue Minister Peter Dunne.

Mr Dunne and members of his staff received emails today telling them they had tax refunds waiting for them and only had to click on the given link and fill out a claim form to get them.

“Needless to say, I am not clicking on the link or filling in any form and I can only repeat Inland Revenue’s regular warnings on such email requests.

Education Minister Anne Tolley and Revenue Minister Peter Dunne have today launched a new tax education online curriculum tool for school students.

The Citizenship and Tax Education tool is designed for Year 7-10 social studies classes.

“This will be a welcome addition to the resources currently available to schools,” says Mrs Tolley.

“It’s a useful and practical programme and it’s aligned to the new curriculum, so students and teachers will benefit.”

The synthetic cannabis industry’s “poacher turned game-keeper” offer today to suddenly self-regulate is welcome, but the Government will go ahead with law changes in the next few weeks to restrict the sale and marketing of their products, Associate Health Minister Peter Dunne said today.

Associate Health Minister Peter Dunne today announced that the Ministry of Health is recalling a second synthetic cannabis product, Juicy Puff Super Strength, within days because it contains the drug phenazepam.

Mr Dunne said finding phenazepam – an anti-anxiety and anti-convulsion prescription drug – in a second product in a week reinforces the problem of suppliers being able to put unregulated drugs on the market where their safety is unproven.

“The people in this industry are generally not trustworthy or reliable.

Revenue Minister Peter Dunne today launched an updated version of the Sussed programme which gives senior secondary school students an insight into the costs of tertiary study and the financial support available to them.

After attending a ‘Sussed’ presentation of the revamped programme to about 100 senior Tawa College students in Wellington today, Mr Dunne said it was “essential viewing” for anyone considering going to a university, polytechnic, or wananga.

Associate Health Minister Peter Dunne today announced that the Ministry of Health is recalling one of the most popular brands of the synthetic cannabis product Kronic because contains the prescription medicine phenazepam.

Mr Dunne said finding phenazepam – an anti-anxiety and anti-convulsion drug – in the Kronic product, Pineapple Express, again confirms the dangers of suppliers putting unregulated drugs on the market where their safety is unproven.

Revenue Minister Peter Dunne today announced that businesses will be able to claim tax deductions on failed software developments because to not do so would inhibit productivity and innovation.

“Essentially the Government wants business to help drive the economy forward, and this move is about clearing obstacles to them doing that.

Revenue Minister Peter Dunne today announced the launch of a new student loans web page that brings together all the information people would need before taking out a loan, while they are studying and once their repayment obligation starts.

“Effectively, this is a ‘landing’ page that will allow prospective students, students and those who have completed their studies and have student loans to pay off to access all the information and tools they need.

The Government will have the ability to severely curtail the marketing and sale of the synthetic cannabis product Kronic within weeks, Associate Health Minister Peter Dunne said today.

“We will able to place strong restrictions on Kronic when Parliament passes amendments to the Misuse of Drugs Act in the next few weeks,” Mr Dunne said.

He said it was already illegal to sell to those under 18 under smokefree legislation.

An advertising campaign has been launched this week to get parents of overseas-based student loan borrowers to remind them to repay their loans, Revenue Minister Peter Dunne said today.

The advertisements build on the success of the Government initiative which has recovered $2 million in outstanding student loan debt from borrowers in Australia in the last six months, Mr Dunne said.

“Often for young people who have gone overseas, it is a case of out of sight, out of mind and they stop paying off their student loans or are very slow to do so.

Good afternoon.

Much has happened recently on the tax front which is of direct relevance to you and I would like to take this opportunity to talk about this afternoon.

But first, let me say that I am very pleased to be here today.

Pleased to be invited to the KPMG Tax briefing, but especially pleased to be back in Christchurch.

The fact that you have organised a conference and are holding it here in Christchurch, tells me that you are getting back to business as usual.

And that is precisely what Christchurch needs.