On February 28, 2017 the New Zealand Inland Revenue issued a press release announcing that the legislation introduced on 8 August 2016 in the Taxation (Business Tax, Exchange of Information, and Remedial Matts) Bill received Royal assent on February 21, 2017.  The new Act is now available on the New Zealand Legislation website. Furthermore the New Zealand Inland Revenue has published Special Reports, drafted by the New Zealand Inland Revenue, providing early information on: measures to implement the G20/OECD standard for the automatic exchange of information, and a suite of simplified business tax processes, including a new way for businesses to pay their provisional tax.

 

Furthermore the New Zealand Inland Revenue informed the public that a full coverage of the new Act will be published in the Tax Information Bulletin.

 

Click here to be forwarded to the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 as available on the New Zealand Legislation website.

 

A Special Report from Policy and Strategy, Inland Revenue - Automatic exchange of information

This special report provides early information on changes that have been made to the Income Tax Act 2007 (ITA) and Tax Administration Act 1994 (TAA) to incorporate the G20/OECD standard for Automatic Exchange of Financial Account Information in Tax Matters into New Zealand domestic law.

 

This special report outlines and explains the legislative changes at a relatively high level. Inland Revenue is supplementing this report with comprehensive guidance that will deal with the application of the AEOI standard and this implementation legislation at a detailed technical level. (The guidance was issued in draft form in December 2016, and submissions were called for by 28 February 2017. After the submissions are reviewed the guidance will be finalised and published on Inland Revenue’s website.)

 

In the report a.o. the following subjects are being discussed:

·   Key features

o  Terminology

o  New Zealand start date

o  Due diligence

o  Reporting

o  Grace periods for due diligence

o  CRS optionality

o  Compliance framework

·   Background

o  International context and New Zealand’s commitment to implement AEOI

o  Relation to other international initiatives

o  Other elements of the AEOI standard

o  The legal instruments for exchange

o  Application dates

·   Detailed analysis

o  Incorporating the CRS and OECD Commentary into New Zealand law

o  Other definitions

o  Framework for CRS obligations

o  Obligations of financial institutions

o  Record-keeping obligations

o  Optionality

o  Excluded choices

o  The wider approach

o  Determinations and regulatory powers

o  Non-reporting financial institutions

o  Certain low risk excluded accounts

o  Enforcement

o  FATCA-related amendments

 

Click here to be forwarded to the Special Report from Policy and Strategy, Inland Revenue on the Automatic exchange of information as available on the website of the New Zealand Inland Revenue.

 

Click here to be forwarded to the Special Report from Policy and Strategy, Inland Revenue on Simplified business tax processes as available on the website of the New Zealand Inland Revenu.

 


Copyright – internationaltaxplaza.info

 

 

Follow International Tax Plaza on Twitter (@IntTaxPlaza)

 

and

 

Follow International Tax Plaza on Facebook

 

 

 

Submit to FacebookSubmit to TwitterSubmit to LinkedIn
INTERESTING ARTICLES