Common Reporting Standards for Automatic Exchange of Information
New laws to combat tax evasion have been in place since 1 July 2017. Under Common Reporting Standards (CRS) for Automatic Exchange of Information (AEOI), offshore financial institutions will gather information about New Zealand tax resident account holders and beneficiaries which will be exchanged with New Zealand.
CRS for AEOI is a global initiative New Zealand has committed to, to help combat offshore tax evasion.
Under CRS for AEOI, offshore financial institutions will gather information about New Zealand tax resident account holders and beneficiaries which will be exchanged with New Zealand.
Similarly, CRS imposes due diligence obligations (from 1 July 2017) and reporting requirements (by 30 June 2018) on “Reporting NZ Financial institutions”. The definition of “Reporting NZ Financial Institutions” extends to entities beyond traditional financial institutions to include some trusts, partnerships and collective investment vehicles.
Inland Revenue is keen to ensure that accountants have sufficient awareness of CRS requirements to assist clients to comply with their new obligations.
Peter Loerscher, of the Inland Revenue, will provide an overview of AEOI and CRS (including how it relates to NZ Foreign Trust disclosures) before focusing on which entities are “Reporting NZ Financial Institutions” and what due diligence and reporting requirements arise for those entities.
Peter will also address the technical issues that need to be considered when New Zealand tax residents are an account holder or a beneficiary with an offshore financial institution.
Upon satisfactory completion of this webinar you will be able to:
- Discuss AEOI and CRS and how this relates to the NZ tax obligations of NZ resident account holders
- Identify which entities are “Reporting NZ Financial Institutions”
- Describe the CRS due diligence requirements
- Describe what, when and how the information collected would need to be shared with the Inland Revenue
The webinar will give you an understanding of AEOI / CRS so you can assist your clients or your employer to comply with their due diligence and reporting obligations. There will be time for questions.
Dr Peter G Loerscher, Technical Specialist Network, Capability & Outcomes, Inland Revenue
Sub-Topic: Tax Administration
Format: Recorded Webinar
Proficiency Level: Intermediate, Advanced
CPD: 1 hours