The Taxation (Business Tax, Exchange of Information and Remedial Matters) Bill passed its final stage in Parliament on 14 February 2017.
The Bill was introduced into Parliament in August of last year to put in place the recommendations from the Shewan Inquiry into New Zealand’s foreign trusts disclosure rules. It also includes provisions to implement the G20/OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters, which is a global initiative to promote fiscal transparency and address offshore tax evasion.
New Zealand’s Inland Revenue proposes to publish special reports on key aspects of the new legislation including the changes to tighten New Zealand’s disclosure requirements for foreign trusts.
Click here for a copy of the Bill and here for our August briefing note on the Bill.