Mr. Speaker, an agreement has been signed between New Zealand and Canada in reference to taxation. The purpose of the agreement is to avoid, where possible, the double imposition of income and similar taxes where Canadians are carrying on business in New Zealand or otherwise receiving income from New Zealand' sources, and where New Zealanders are carrying on business in Canada or otherwise receiving income from Canadian sources. It also provides that the taxation authorities of the two countries may exchange information which may be necessary to make the agreement effective and to prevent fraud and avoidance of taxes which are subject to the agreement.
The purpose of the bill is to give the agreement the force of law in Canada, and it provides that in the case of inconsistency between the agreement and the operation of any other law, the agreement will prevail to the extent of such inconsistency.
The Minister of National Revenue is given the authority to make orders and regulations to carry out the provisions of the agreement, which orders and regulations shall be published' in the Canada Gazette and laid before parliament.
Motion agreed to and bill read the first time. FOREIGN EXCHANGE CONTROL ACT
Subtopic: CANADA-NEW ZEALAND INCOME TAX AGREEMENT