The governments of New Zealand and Guernsey on September 18 signed protocol to their tax information exchange agreement, the New Zealand government has announced.
The protocol updates New Zealand and Guernsey’s existing tax arrangement by adding new provisions to curb tax treaty abuse an improve tax dispute resolutions.
As members of the “Inclusive Framework on BEPS” New Zealand and Guernsey have pledged to update their tax treaties to prevent abuse and to ease cross-border tax dispute resolution.
These provisions were agreed to by countries as a result of the OECD/G20 base erosion profit shifting (BEPS) plan.
Further steps must be taken by both countries for the protocol to enter into force.
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