Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Amendment Regulations 2020

2020/23

Coat of Arms of New Zealand

Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Amendment Regulations 2020

Patsy Reddy, Governor-General

Order in Council

At Wellington this 24th day of February 2020

Present:
Her Excellency the Governor-General 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) Amendment Regulations 2020.

2 Commencement

These regulations come into force on 26 March 2020.

3 Principal regulations
4 Schedule amended

In the Schedule, insert in their appropriate alphabetical order:

Albania (1 April 2019)

Ecuador (1 April 2019)

Kazakhstan (1 April 2019)

Maldives (1 April 2019)

Oman (1 April 2019)

Peru (1 April 2019)

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 amend the Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Regulations 2017 (the principal regulations) and come into force on 26 March 2020.

The principal regulations prescribe overseas 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)—as it applies in New Zealand. Reportable jurisdictions are territories to which the Inland Revenue Department (IRD) may provide certain information about non-residents that is reported to IRD by financial institutions in accordance with the CRS applied standard.

The 6 territories listed in regulation 4 of these regulations are added as reportable jurisdictions for reporting periods beginning on or after 1 April 2019. Section 226D(2) of the Tax Administration Act 1994 allows for the retroactive application of these regulations.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 27 February 2020.

These regulations are administered by the Inland Revenue Department.