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