LEG-19-MIN-0010 – Minute: Tax Administration (Reportable Jurisdiction for Application of CRS Standard) Amendment Regulations 2019

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Tax Administration (Reportable Jurisdiction for Application of CRS Standard) Amendment Regulations 2019

Portfolio Revenue

On 19 February 2019, the Cabinet Legislation Committee:

1 noted that the New Zealand legislation incorporating the G20/OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters (the AEOI standard) requires that a list of reportable jurisdictions be maintained, and amended as needed by Order in Council;

2 noted that, pursuant to section 226D of the Tax Administration Act 1994, additions to the reportable jurisdictions list must be made by Order in Council;

3 noted that New Zealand’s existing list of reportable jurisdictions comprises 60 jurisdictions;

4 noted that 30 additional jurisdictions now need to be added, for the exchanges that New Zealand will need to make in September 2019;

5 authorised the submission to the Executive Council of the Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Amendment Regulations 2019 [PCO 21812/2.0];

6 noted that the Amendment Regulations will come into force on the 28th day after their notification in the Gazette.

Vivien Meek
Committee Secretary

Hard-copy distribution (see over)

Present:
Hon Chris Hipkins (Chair)
Hon Andrew Little
Hon David Parker
Hon Nanaia Mahuta
Hon Stuart Nash
Hon Iain Lees-Galloway
Hon Tracey Martin
Hon Ron Mark
Hon Kris Faafoi
Hon Ruth Dyson (Senior Government Whip)

Officials present from:
Officials Committee for LEG

Hard-copy distribution:
Minister of Revenue