Inland Revenue has launched a webpage to help trustees of foreign trusts comply with the new disclosure rules.
Trustees can download the forms and find more information at www.ird.govt.nz/international/exchange/foreign-trusts/.
Revenue Minister Judith Collins says: “Foreign trusts now have to provide significantly more information than in the past. The webpage has all the information on the new rules and includes the forms which trusts need to complete in order to be registered by 30 June 2017.
“This information will help Inland Revenue get a much clearer picture about the beneficiaries of foreign trusts and their activities, as well as enable greater exchange of information with tax treaty partners.
“Our new comprehensive foreign trust disclosure regime reinforces New Zealand’s international reputation.”
Meanwhile, as part of implementing the Common Reporting Standard (CRS) for Automatic Exchange of Financial Account Information in Tax Matters (commonly referred to as AEOI), New Zealand is required to publish a list of jurisdictions that Inland Revenue will exchange CRS information with.
The start date for CRS obligations in New Zealand is 1 July 2017. In anticipation of that, Inland Revenue is planning to publish its initial list of reportable jurisdictions by the end of May. This list will be confirmed by an Order in Council.
For more information see Request for submissions – reportable jurisdictions. Send submissions to firstname.lastname@example.org by 14 April 2017.