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 NZ Banks will be forced to share foreign tax info

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NZ Banks will be forced to share foreign tax info Vide
PostSubject: NZ Banks will be forced to share foreign tax info   NZ Banks will be forced to share foreign tax info Icon_minitimeTue Oct 28, 2014 7:56 pm
Banks will need to share information they hold on foreign-owned companies operating in New Zealand with overseas tax authorities from 2019.

The Organisation for Economic Co-operation and Development (OECD) has been laying the groundwork for the automatic exchange of such information between countries.

It is part of its base erosion and profit shifting (Beps) initiative to crack down on multinational tax rorts.

Revenue Minister Todd McClay said participation in the information-sharing regime would be voluntary in 2018 and mandatory for banks and other financial institutions the following year.

"Multinational companies that use ... measures to avoid tax is a global problem and we are committed to joining other OECD countries in finding a global solution," he said in a statement accompanying the announcement.

The timetable was the same as that adopted by Australia and would give New Zealand's financial industry enough time to comply, he said.

"Tax evasion respects no borders, so global co-operation is the way to combat it," he said.

http://www.stuff.co.nz/business/industries/10674783/Banks-forced-to-share-foreign-tax-info
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