Inland Revenue - Tax policy Tax Policy

News and information about the Government's tax policy work programme, including:
- proposed changes to the laws that Inland Revenue is responsible for
- updates on the progress of bills through Parliament
- policy announcements

Consultation

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 In anticipation of this, Inland Revenue has developed advanced draft guidance to help financial institutions prepare for their obligations as early as possible.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The draft guidance outlines how these various entities are affected and their responsibilities under the Common Reporting Standard.

The draft guidance also sets out the obligations that account holders (and other persons connected with accounts) will have to provide information to such financial institutions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.

For more information see implementing automatic exchange of information (AEOI).

Feedback and any queries about the draft guidance should be sent to global.aeoi@ird.govt.nz by 28 February 2017.

A Government discussion document, Making tax simpler – Proposals for modernising the Tax Administration Act, seeks feedback on detailed proposals for amendments to the Tax Administration Act.

These build on earlier proposals released for consultation in November 2015, set out in Making tax simpler - Towards a new Tax Admionistration Act.

The detailed proposals, which support the Government’s transformation of tax administration, are aimed at helping to get tax right from the start.

They centre around the roles of the Commissioner of Inland Revenue, taxpayers and their agents, information collection, confidentiality and disclosure, and the design of a new Tax Administration Act.

Online forum - https://www.makingtaxsimpler.ird.govt.nz/

Submissions close on 24 February 2017.