As part of continuing efforts to boost transparency by multinational enterprises (MNEs), Canada, Iceland, India, Israel, New Zealand and the People’s Republic of China signed today the Multilateral Competent Authority agreement for the automatic exchange of Country-by-Country reports (“CbC MCAA”), bringing the total number of signatories to 39 countries. The signing ceremony took place in Beijing, China.
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New Zealand has the 2nd lowest tax wedge among the 34 OECD member countries. The country occupied the same position in 2014. The average single worker in New Zealand faced a tax wedge of 17.6% in 2015, compared with the OECD average of 35.9%.
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The tax burden in New Zealand increased by 1.0 percentage points from 31.4% to 32.4% in 2014. The corresponding figures for the OECD average were an increase of 0.2 percentage points from 34.2% to 34.4%.
Bilateral Agreements that have been signed to establish exchange of information for tax purposes.
Ensuring that permanent spending or tax cuts are implemented in a sustainable manner would encourage the strong fiscal position that New Zealand needs to meet potentially large macroeconomic shocks and long-run ageing-related costs.
In a boost for international efforts to strengthen co-operation against offshore tax evasion, seven new countries have joined the agreement to exchange information automatically under the OECD/G20 standard.
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The share of GST in total tax revenue in New Zealand was 30% in 2012, which is one of the highest in the OECD and above the OECD average of 19.5%.
OECD countries acknowledge that taxes must play a role in the process of fiscal consolidation as they battle unprecedented budget deficits. In 2010, the majority of OECD governments have stabilised their tax to GDP, with the average ratio moving up slightly from 33.8% in 2009 to 33.9% in 2010.
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Agreement between Germany and St. Vincent and the Grenadines for the exchange of information relating to tax matters
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Agreement between Germany and Dominica for the exchange of information relating to tax matters