2009 amendments to the CFC rules covering disclosure requirements including the correct use of IR forms.

Consequential changes as a result of amendments to CFC rules

Residents must disclose an income interest of 10 percent or more in a CFC. To disclose an interest after the revised CFC rules apply, the new electronic IR 458 form on Inland Revenue's website (keywords: CFC disclosure) must be used. To disclose an interest before the revised CFC rules apply, the IR 477 or IR 479 forms must be used.

Residents with an income interest of 10 percent or more in a foreign company that is not a CFC are still required to disclose that interest using a FIF disclosure form, an IR 477 or an IR 479, as applicable. Residents with an income interest of less than 10 percent in a CFC may be required to disclose the interest in a FIF disclosure form. Further information about these existing disclosure requirements is contained in the 2009 International Tax Disclosure Exemption ITR20.