New Zealand Clarifies Common Reporting Standard Exemptions
New Zealand’s Inland Revenue has issued clarification around the types of account that will be exempt from reporting under the OECD’s Common Reporting Standard for the Automatic Exchange of Information.
The authority said that the exempted accounts include Whai Rawa Unit Trust Fund member’s accounts, dormant accounts, and accounts under the KiwiSaver scheme.
It also listed the jurisdictions with which New Zealand will exchange information automatically, when such reporting begins in 2018.
The information is included in five documents on the tax agency’s “Common Reporting Standard (CRS) applied standard for the Automatic Exchange of Information” webpage.
