The Inland Revenue Department (IRD) released a fact sheet describing next year’s implementation of the automatic exchange of information (AEOI) regime in New Zealand. AEOI implementation is still subject to legislative confirmation, with a tax bill expected to be introduced in August and passed by March 2017.
Read the fact sheet
The fact sheet indicates the design decisions as being:
The fact sheet clarifies the position on a number of key AEOI design issues, including the “wider approach” to due diligence and reporting periods and timelines. It also notes that while AML procedures can be used, when there are divergences, the AEOI rules must be applied. This is likely to result in some duplication.
With this, New Zealand financial institutions need to consider planning their AEOI processes. The proposed legislative timetable is tight. Leaving this planning until legislation is passed in early 2017 could result in a failure to comply with the 1 July start date.
For more information, contact a KPMG tax professional in New Zealand:
John Cantin | + 04 816 4518 | firstname.lastname@example.org
Darshana Elwela | + 09 367 5940 | email@example.com
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