Finance and Expenditure Select Committee
NZBA welcomes the opportunity to provide feedback to the Finance and Expenditure Select Committee (Committee) on the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill (Bill), and commends the work that has gone into developing it.
NZBA understands and supports the commitment that New Zealand has made to global initiatives for greater tax transparency. We also appreciate the steps taken by Inland Revenue (IR) to provide opportunities for feedback on how New Zealand might best implement the Common Reporting Standard (CRS) for the Automatic Exchange of Information (AEOI), and IR’s ongoing consideration to minimise compliance costs for affected Financial Institutions (FIs) to the extent it does not undermine the policy intent