Inland Revenue has issued a special report on changes to the foreign trust disclosure rules introduced by the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017.  

The Act received the Royal assent on 21 February 2017 and comes into force on various dates. It makes changes to the law relating to foreign trust disclosure rules, simplified business tax processes, and measures to implement the G20/OECD standard for the automatic exchange of information.

In February, the IRD issued a special report on the simplified business tax processes which provided early information on changes to business tax rules contained in the new Act.