Consultation on proposed foreign trust policy
A second round of consultation seeking views on a proposal for new information requirements for foreign trusts with New Zealand-resident trustees has begun. In response to earlier submissions, the proposal has been amended so that only limited information will be required of foreign trusts that have no New Zealand income, and they will not be required to file annual income tax returns in New Zealand. The aim is to develop policy that works for all concerned, enabling New Zealand to co-operate with other tax jurisdictions without disrupting legitimate financial transactions.
Tax policy officials have sent the amended proposal to parties that expressed interest in participating in the consultation, and others who wish to contribute their views are invited to do so. See our special report (DOC 90KB, PDF 129KB).