Automatic Exchange - 1 July 2017 implementation announced

AEOI implementation announced for 1 July 2017

Automatic exchange of information (AEOI) is coming to New Zealand from 1 July 2017.

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Inland Revenue asks for feedback on implementation design

Automatic exchange of information (AEOI) is coming to New Zealand from 1 July 2017. This is earlier than previously indicated by the Government.

AEOI means that New Zealand financial institutions will need to report to Inland Revenue the details of account holders from 97 countries (and counting) that have also signed up to AEOI. Much as with FATCA this will require on-boarding systems and processes to identify the country of residence of an account holder.

For account holders, both in New Zealand and offshore, AEOI will require review of tax positions taken.

Our initial thoughts on the AEOI discussion document are in the latest Taxmail.

Consultation on implementation

Inland Revenue has indicated that it plans to hold group stakeholders meetings in both Wellington and Auckland (and possibly Christchurch). These will be scheduled for the second week of March.

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