CRS reportable jurisdictions amendment regulations

Croatia and Indonesia were made reportable jurisdictions on 26 February 2018, by the following Order in Council: the Tax Administration (Reportable Jurisdictions for the Application of CRS Standard) Amendment Regulations 2018 (LI 2018/27).

Reportable jurisdictions are relevant to the Common Reporting Standard (CRS rules) enacted in New Zealand last year as part of New Zealand’s implementation of the G20/OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters, or AEOI.  Reportable jurisdictions are territories to which Inland Revenue (IRD) will provide certain information on non-residents supplied to the IRD by financial institutions in accordance with the CRS rules.

An initial list of 58 reportable jurisdictions was established by the Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Regulations 2017 made under section 226D of the Tax Administration Act 1994 (the Act).  Orders in Council can be found at legislation.govt.nz:

• the initial list of 58 reportable jurisdictions
• adding Croatia and Indonesia

Application date

Croatia and Indonesia are reportable jurisdictions for reporting periods beginning on or after 1 July 2017.  Section 226D(2) of the Act 1994 allows for the retroactive application of these regulations.