Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Regulations 2017

2017/122

Coat of Arms of New Zealand

Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Regulations 2017

Rt Hon Dame Sian Elias, Administrator of the Government

Order in Council

At Wellington this 6th day of June 2017

Present:
Her Excellency the Administrator of the Government in Council

These regulations are made under section 226D of the Tax Administration Act 1994 on the advice and with the consent of the Executive Council.

Regulations

1 Title

These regulations are the Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Regulations 2017.

2 Commencement

These regulations come into force on 1 July 2017.

3 Reportable jurisdictions

Each territory listed in the Schedule is a reportable jurisdiction for the purposes of the CRS applied standard.

Schedule Territories that are reportable jurisdictions

r 3

Andorra

Argentina

Australia

Austria

Belgium

Brazil

Bulgaria

Canada

Chile

China

Colombia

Czech Republic

Denmark

Estonia

Faroe Islands

Finland

France

Germany

Gibraltar

Greece

Greenland

Guernsey

Hong Kong (China)

Hungary

Iceland

India

Ireland

Isle of Man

Israel

Italy

Japan

Jersey

Korea

Latvia

Liechtenstein

Lithuania

Luxembourg

Malaysia

Malta

Mauritius

Mexico

Monaco

Netherlands

Norway

Poland

Portugal

Russian Federation

San Marino

Saudi Arabia

Seychelles

Singapore

Slovak Republic

Slovenia

South Africa

Spain

Sweden

United Kingdom

Uruguay

Michael Webster,
Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, made under section 226D of the Tax Administration Act 1994 (the Act), come into force on 1 July 2017. The regulations provide for 58 territories to be reportable jurisdictions for the purposes of the CRS applied standard—the Common Standard on Reporting and Due Diligence for Financial Account Information (which is part of the Standard for Automatic Exchange of Financial Account Information in Tax Matters, or AEOI, developed by the OECD) as it is applied in New Zealand. Reportable jurisdictions are territories to which the Inland Revenue Department (IRD) will provide certain information on non-residents that is reported to IRD by financial institutions in accordance with the CRS applied standard (but see also section 91AAV of the Act).

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 8 June 2017.

These regulations are administered by the Inland Revenue Department.