AEOI draft guidance document
From July 2017 financial institutions will need to begin meeting obligations under the OECD’s Common Reporting Standard for the Automatic Exchange of Financial Account Information in Tax Matters.
Legislation enabling the implementation of this international initiative in New Zealand is expected to be passed by March 2017. In anticipation of this, Inland Revenue has developed advanced draft guidance to help financial institutions prepare for their obligations as early as possible. “Financial institutions” for the purposes of this initiative has a wide meaning, including some fund managers, investment advisers, insurance companies, and trusts as well as banks. The draft guidance outlines how these various entities are affected and their responsibilities under the Common Reporting Standard.
The draft guidance also sets out the obligations that account holders (and other persons connected with accounts) will have to provide information to such financial institutions to assist those institutions comply with their responsibilities under the Common Reporting Standard.
Feedback on this draft guidance is welcomed. Following enactment of enabling legislation, a finalised guidance document will be prepared which will take into account submissions on this draft. Please send feedback and any queries by February 28th 2017 to [email protected].