Foreign trust remedials

In 2017, new disclosure requirements were enacted for foreign trusts with New Zealand resident trustees (the 2017 requirements). The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 amended the Tax Administration Act 1994, implementing the recommendations of the Government Inquiry into Foreign Trust Disclosure Rules (2016).

Following implementation of the 2017 requirements, officials have identified a number of legislative errors or unintended consequences which require remedial amendments.

Officials are seeking feedback on 10 proposed remedial changes to the foreign trust disclosure rules, which are set out in the consultation letter.

Submissions closed on 23 March 2021.