Sharing information to combat global tax evasion

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The Government has signed up to the global automatic exchange of information (AEOI) initiative led by the OECD. We’re one of 100 countries that will automatically share some financial account information about foreign tax residents. All countries will use the Common Reporting Standard (CRS) to identify and report on financial accounts held or controlled by foreign tax residents.

The countdown is now on for 1 July 2017 when the CRS requires reporting New Zealand financial institutions to commence due diligence to identify accounts held or controlled by foreign tax residents. They will also have to collect prescribed identity and financial account information about the identified accounts, and report this information to us annually by 30 June.

There is a broad definition of a financial institution. Apart from more obvious entities such as banks, this can also include non-bank deposit takers, collective investment entities, mutual funds, private equity funds, hedge funds, discretionary investment managers, certain brokers and trusts (including some managed family trusts). 

How we're helping you to prepare for the CRS. The new CRS section on our website is now live www.ird.govt.nz/international/exchange/crs

We'll be running a targeted public awareness campaign during June and July to highlight the changes and impacts. 

Information sessions will be held in early June - the key focus on these sessions will be a general implementation update. Let us know what CRS topics you would like to hear about by emailing us at global.aeoi@ird.govt.nz

The following information sessions will be held:

  • Wellington - Wednesday 7 June, 10am to 12pm in the Grand Dining Room at the Wellesley Hotel
  • Auckland - Thursday 8 June, 1pm to 3pm, 2 Takutai Square, Britomart, hosted by Ernst & Young
  • Teleconference - week beginning 15 June, 10am to 12pm, dial in details to follow.

We welcome your questions and feedback, and you can sign up to implementation updates via global.aeoi@ird.govt.nz

For more information, please refer to our: 

You can also go to the OECD's Automatic Exchange Portal and refer to the: