These regulations amend the Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Regulations 2017 (the principal regulations) and come into force on 25 March 2021.

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.

New Caledonia is added as a reportable jurisdiction for reporting periods beginning on or after 1 April 2020. Section 226D(2) of the Tax Administration Act 1994 allows for the retroactive application of these regulations.