New Zealand: Entities identified as excluded under CRS | KPMG | GLOBAL
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New Zealand: Entities, accounts identified as “excluded” under CRS

New Zealand: Entities identified as excluded under CRS

New Zealand’s Inland Revenue Department on 21 November 2016 requested financial institutions and interested parties to submit details of entities and/or accounts that they believe may meet the criteria of “other low risk” excluded entities and excluded accounts under the common reporting standard (CRS).


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Entities known as “non-reporting financial institutions” and excluded accounts that satisfy certain criteria are automatically excluded from CRS. They are not required to be separately approved. The CRS, however, also allows “other low risk” entities and accounts to be treated as excluded, with such excluded entities and accounts to be defined by domestic law. 

The legislation implementing the CRS in New Zealand requires Inland Revenue approval and publication of a Commissioner’s determination for entities and accounts to be excluded from CRS. The Inland Revenue has asked financial institutions and interested parties for submissions on such qualifying entities and accounts. 


Read a November 2016 report [PDF 65 KB] prepared by the KPMG member firm in New Zealand

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