Canada-New Zealand Income Tax Convention – Mode of Application regarding Article 10 (Dividends)

As provided in paragraph 3, of Article 10 (Dividends) of the Canada-New Zealand Income Tax Convention, Competent Authorities of Canada and New Zealand have established the following Mode of Application:

1. Paragraph 3 of Article 10 of the Convention will apply to exempt dividends from source taxation where the dividends are paid to the other Contracting State or a political subdivision or local authority thereof or to any wholly-owned agency or instrumentality of that State, political subdivision or local authority that performs functions of a governmental nature, which has been approved by the competent authorities in accordance with Article 10 of the Convention, provided that the recipient together with any related entities own less than 10 per cent of the voting power or value of the payer of the dividend.

2. For the purposes of this Mode of Application, paragraph 3 of Article 10 will apply:

3. It is understood that this Mode of Application will apply to dividends paid on or after August 1, 2015.

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