New Zealand: New CRS Reporting Checklist for Financial Institutions
New Zealand Issues New CRS Reporting Checklist for Financial Institutions
John Nash Strategic Advisor, International, Inland Revenue New Zealand
New Zealand introduced reporting for financial institutions under the Common Reporting Standard (CRS) some six years ago. Since that time, Inland Revenue has carried out a wide range of compliance activities to ensure financial institutions are providing complete and accurate reports for subsequent exchange to our tax treaty partners in accordance with New Zealand’s international commitments.
So far we have been very pleased with the high level of compliance demonstrated by financial institutions in respect of CRS due diligence and reporting requirements. However, we are conscious of maintaining this momentum, especially given changes that naturally occur in business whether its key personnel moving on, new financial products, restructuring, mergers and takeovers.
Accordingly, we have designed and issued a 12-point checklist as a refresher for financial institutions as well as tax practitioners. The checklist focuses on key risk areas, including circumvention arrangements.
We have distributed the checklist to peak bodies of lawyers and accountants who in turn have informed their members. We consider this checklist will aid self-appraisal and form a useful addition to existing tax control frameworks.
Please find the link to the published checklist below: