The Cabinet has agreed to add another 30 territories to the current list of 60 jurisdictions where New Zealand has tax information-sharing agreements as part of the global Automatic Exchange of Information (AEOI) standard, Revenue Minister Stuart Nash says.
“The 30 new countries are spread around the globe, from the Caribbean to Europe, Asia, the Pacific, Africa and the Middle East. The list includes jurisdictions such as Panama, Switzerland, Macao, the Cook Islands and Nigeria," he says.
“New Zealand will send financial account information to these territories on an annual basis. These countries have enacted, or are expected to soon enact, legislation that enables them to send the same information to New Zealand."
The AEOI enables information sharing about details of accounts at many institutions, including banks, private equity funds, investment advisors and some brokers and trusts.
“Inland Revenue will review the information and verify that correct tax is being paid on offshore investments. New Zealand taxpayers are strongly advised to check they have correctly accounted for their offshore investments. If not, they should make a voluntary disclosure to Inland Revenue without delay," Mr Nash says.