These regulations amend the Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Regulations 2017 (the principal regulations) and come into force 28 days after the date of their notification in the Gazette.

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

Croatia and Indonesia have recently completed implementation of the AEOI and are now added as reportable jurisdictions for reporting periods beginning on or after 1 July 2017. Section 226D(2) of the Tax Administration Act 1994 allows for the retroactive application of these regulations.

New regulation 3(3) is included to simplify future amendments. In future, other territories that are to become reportable jurisdictions for reporting periods beginning after 1 July 2017 can simply be added to the Schedule with the relevant date.