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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.”