Double tax agreement with Spain authorised

New Zealand's new double tax agreement with Spain has passed its final legislative stage and is expected to come into force in late July, Revenue Minister Peter Dunne said today.

The agreement was approved by Order in Council today and now has to go through final diplomatic procedures.

Mr Dunne said double tax agreements played an essential role in fostering cross-border trade and investment by providing tax certainty on business ventures between countries and preventing income being taxed twice.

The agreement with Spain will be New Zealand's 13th in the network of double tax arrangements with trading partners.

- NZPA