The Common Reporting Standard for Automatic Exchange of Financial Information allows implementing jurisdictions to expand on the list of automatically excluded entities and accounts to also include “low risk” excluded entities and accounts. This means these entities would be excluded from due diligence and reporting obligations. On November 21, 2016 the New Zealand Inland Revenue published a fact sheet summarizing the criteria Financial Institution (FI) have to meet to be considered a “low risk” entity or account. The New Zealand Inland Revenue invites FIs and interested parties to submit details of entities and accounts that they believe meet the criteria for exclusion. Submissions have to be filed per e-mail by January 31, 2017.

 

The fact sheet starts with providing information regarding the criteria for exclusion. Subsequently it provides an overview of information that submissions to treat a financial institution as a non-reporting financial institution should cover and an overview of information that submissions to treat a financial account as an excluded account should cover.

 

Click here to be forwarded to the fact sheet summarizing the criteria Financial Institution (FI) have to meet to be considered a “low risk” entity or account as published by the New Zealand Inland Revenue on November 21, 2016.

 

 

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