WELLINGTON: New Zealand’s Inland Revenue, on July 28, released a fact sheet for financial institutions describing proposed measures to be included in draft legislation on automatic exchange of financial information. The fact sheet, based on feedback from a recent consultation, will be the basis of legislation to be introduced into Parliament in August.
Inland Revenue said the legislation will allow reporting financial institutions to take advantage of the options set out in the common reporting standard (CRS) and commentary. The legislation will not require reporting financial institutions to collect more information than that required under the CRS, with the exception of the ‘wider approach’ to due diligence, which will be mandatory, Inland Revenue said.
Topics addressed include the reporting period, the ‘wider approach’, the time-frame for review of pre-existing individual and entity accounts, excluded reporting entities and accounts, reportable jurisdictions, enforcement and compliance, alignment with anti-money laundering legislation and FATCA, and key dates for financial institution AEOI reporting.
