Common Reporting Standard

Very quietly, IRD is implementing a Common Reporting Standard devised by the Organization for Economic Cooperation and Development (OECD). The new code aims to ensure automatic information sharing between tax authorities globally.

The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act received Royal assent on 21 February 2017. The Bill was introduced in August 2016, reported back to Parliament by the Finance and Expenditure Select Committee in November 2016 and completed its third reading on 14 February 2017.

New Zealand is one of more than 100 countries implementing a Common Reporting Standard (CRS) devised by the OECD. The new code aims to ensure automatic information sharing between tax authorities globally.

While the new trust register is not covered by CRS protocols, Prime Minister Bill English’s Government has made clear, in notes accompanying its legislation, that it intends to share details to other jurisdictions “as a matter of course.”

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Recent Activity

Protect our whistleblowers
Transparency International New Zealand (TINZ) is calls for better whistleblower protection. 8 Aug, 2017

Auditor General resignation requires transparency
Transparency International New Zealand (TINZ) calls on Parliament to release the report by Sir Maarten Wevers that lead to the resignation of Auditor-General Martin Matthews. 5 Aug, 2017

TINZ applauds decline in foreign trusts
Government implementation of tougher disclosure requirements for foreign trusts have led to around 75% discontinuing or exiting New Zealand. 9 Jul, 2017

Public Sector Integrity Media Release
State Services Commission took a very positive step in addressing a key recommendation of TINZ's Integrity Plus 2013 New Zealand National Integrity System Assessment by advertising a role for Deputy Commissioner, Integrity, Ethics and Standards. 11 May, 2017

Corruption Perceptions Index 2016 TINZ media release
Transparency International 25 Jan, 2017