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New Zealand Consults Public On Automatic Exchange Of Info

by Mary Swire, Tax-News.com, Hong Kong

22 February 2016


New Zealand launched a consultation on February 19, 2016, on the implementation of the global standard for the automatic exchange of tax-related information.

The new rules impose due diligence and reporting requirements on financial institutions, including banks and a broad range of other entities, including certain brokers, custodians, collective investment vehicles, managed entities, and insurance companies.

"We will have a phased implementation, with July 1, 2017, as the start date for financial institutions to conduct due diligence and reporting requirements on all new accounts," Woodhouse said. "This will allow Inland Revenue to start exchanging information with other tax authorities by September 2018, in line with the international requirements.

"AEOI will require financial institutions to provide information on account holders' financial assets to their local tax authority," the Revenue Minister Michael Woodhouse said.

"We want to minimize compliance costs and other adverse consequences for financial institutions, so it is important that all interested parties get involved in the consultation process and consider the implementation proposals in this issues paper," he said.

The deadline for submitting feedback on the proposals is March 31, 2016.

TAGS: compliance | tax | investment | tax information exchange agreement (TIEA) | tax compliance | interest | insurance | Organisation for Economic Co-operation and Development (OECD) | tax authority | New Zealand | G20 | Tax | Tax Evasion

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