On July 28, 2016 the New Zealand Inland Revenue published an update on the Automatic Exchange Of Information. In this respect the New Zealand Inland Revenue published a document (factsheet) summarizing the key policy recommendations for draft legislation. In an announcement made in this respect the New Zealand Inland Revenue notes the following: “Inland Revenue has provided early information for financial institutions on the upcoming automatic exchange of financial information. This information is based on feedback received from our recent consultation and will form the basis of draft legislation to be introduced in August. Please note that this information remains subject to parliamentary process and should not be considered final.”
The Document discusses a.o, subjects like:
· The reporting period
· The “wider approach”
o Due diligence
o Reporting
· Timeframe for review of pre-existing individual and entity accounts
o Pre-existing high value individual accounts
o Pre-existing entity accounts and lower value individual accounts
· Excluded reporting entities and accounts
· Reportable jurisdictions
· Enforcement and compliance
o Transition period
o Penalties
o Grace period for self-certifications
· Alignment with anti-money laundering legislation and FATCA
· Key dates for financial institutions AEOI reporting
With respect to New Zealand the facthseet gives the following key dates:
|
Key Dates |
Actions |
|
August 2016 |
The legislation will be introduced into Parliament (as part of the Taxation (Business Tax, Exchange of Information and Remedial Matters) Bill. |
|
Late 2016 |
Inland Revenue will call for submissions on reportable jurisdictions and excluded entities and accounts. |
|
March 2017 |
The Bill is expected to receive Royal assent. |
|
Early to mid-2017 |
Initial list of reportable jurisdictions, participating jurisdictions, and excluded entities and accounts. |
|
1 July 2017 |
Reporting financial institutions commence due diligence procedures. |
|
1 April 2018 to 30 June 2018 |
Reporting financial institutions submit their AEOI reporting to Inland Revenue for the tax year ending 31 March 2018. |
|
30 September 2018 |
Final date for Inland Revenue to exchange information with other reportable jurisdictions for the reporting period ending 31 March 2018. |
Click here to be forwarded to the factsheet as available on the website of the New Zealand Revenue, which will open in a new window.
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