DOUBLE TAX ENDS

Gisborne Herald, Volume LXXV, Issue 22588, 17 March 1948, Page 5

DOUBLE TAX ENDS

AMERICA AND N.Z, }

CONVENTION SIGNED

(10 a.m.) WASHINGTON, March 18. A convention between the United States and New Zealand for avoidance of double taxation and the prevention of evasion of income taxes was signed at the State Department today by the Secretary of State, Mr. George Marshall, and the New Zealand Minister of Finance, Mr. Walter Nash. The provisions are similar to those In the conventions now in force between United States and Canada, Britain, France and Sweden. The convention provides that, upon ratification, it will be effective in respect of the United States tax for the taxable years beginning on or after January 1 in the calendar year in which ratification occurs. As to the New Zealand tax, the convention becomes effective for the year of assessment beginning on April 1 following the calendar year in which the convention is ratified.