The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Billincludes the necessary measures for New Zealand to implement the G20/OECD standard for the Automatic Exchange of Information in tax matters, which New Zealand financial institutions will have to comply with, and measures to further strengthen and update New Zealand's international tax rules with new disclosure requirements for foreign trusts.
The Tax Bill also includes the following reforms.
- Amendments to the disclosure requirements for foreign trusts with New Zealand resident trustees.
- These amendments are the result of the Government Inquiry into Foreign Trust Disclosure rules.
- Automatic exchange of information: Legislation amendments to implement the G20/OECD standard for Automatic Exchange of Financial Account Information in Tax Matters in New Zealand
The Bill has now passed through the NZ Parliament and awaits Royal Assent.
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Read more at: Tax Times blog