Double tax agreements proves to be of great help to businesses and individuals by preventing payment of taxed being made twice on income earned in the other country.
This agreement further strengthens our network of double tax agreements, and widens New Zealand s tax information exchange network, which is important in helping authorities prevent tax evasion and avoidance, he added.
Double tax agreements help provide the business and tax environment to support them to do that.
Followed by the PNG agreement, the number of double tax agreements New Zealand has with other countries stands at 38.
Chidambaram addressed these concerns at a news conference, saying the amendment had sought to clarify that tax authorities would now look at not only the tax residency requirement, but also enforce rules mandating these foreign investors are the beneficiaries of any investments under double tax agreements
Malta's tax legislation provides for relief from double taxation, whether through negotiated double tax agreements
with a substantial number of countries worldwide, or through unilateral provisions.
Double tax agreements helped reduce tax impediments to trade and investment between countries and gave greater certainty about how cross-border business income would be taxed.
New Zealand now has 37 double tax agreements in force, predominantly with its main trading and investment partners.
The seminar which was facilitated by Ebrahim Baeshen, partner and Suleman Mulla, Tax Director based in Jeddah, highlighted issues such as, the Department of Zakat and Income Tax (DZIT)'s approach to deductible items for Tax and Zakat purposes, Impact of the expanding network of Saudi's double tax agreements
on business decisions and an interesting section on structuring of investments and importance of tax due diligences.
China has double tax agreements with more than 80 countries, including most industrialised nations.
One solution for companies to get round the issue might be to set up managerial operations in centres like Hong Kong that have a double tax agreement with Beijing and lower tax rates than China, Lee said.