The New Zealand Inland Revenue published a fact sheet summarizing the criteria for financial institutions to categorize entities and accounts as “low risk”, which would allow them to be excluded from due diligence and reporting obligations under the Automatic Exchange of Financial Information (AEOI).
The New Zealand Inland Revenue informed that the Common Reporting Standard for Automatic Exchange of Financial Information allows implementing jurisdictions to expand on the list of automatically excluded entities and accounts to also include “low risk” excluded entities and accounts. This means these entities would be excluded from due diligence and reporting obligations.
The financial institution needs to meet the criteria set out in a fact sheet published by the New Zealand Inland Revenue. The bill implementing the CRS in New Zealand proposes that entities and accounts will only be within the other low risk excluded entities or excluded account categories if approved by the Inland Revenue and published in a Commissioner’s determination.
Submissions from financial institutions who meet these criteria and wish to be included in a list of excluded entities can be filed before January 31, 2017.
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