Revenue Minister Peter Dunne today signed a protocol to amend the existing double tax agreement with Malaysia, which will now better equip both nations to exchange tax information to combat tax evasion.
"Double tax agreements help New Zealand-based businesses compete abroad and help make New Zealand a more attractive place to invest in by reducing tax impediments to cross-border income-earning,” Mr Dunne said.
Mr Dunne said updating the DTA with Malaysia is the latest in a series of initiatives New Zealand has undertaken to stamp out tax evasion.
“In the past month, we have committed to negotiate a FATCA agreement with the US Government; signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters; negotiated and signed a new DTA with Papua New Guinea and now updated our DTA with Malaysia,” he said.
“All these initiatives give us greater exchange of information to root out and eradicate tax evasion. Tax havens and evasion cannot exist in the bright searchlight of such information exchanges,” Mr Dunne said.
“In the global fight against tax evasion, the New Zealand Government takes its responsibilities very seriously and has been very active in this area. We will continue to explore further opportunities to clamp down on evasion” he said.
The text of the double tax agreement with Malaysia is available at www.taxpolicy.ird.govt.nz.