On 1 August 2019, the Automatic Exchange of Information Team of the New Zealand Revenue released information on Investment Entities and Corporate Trustees under the Common Reporting Standard (“CRS”).
The New Zealand Revenue announced that the Organisation for Economic Co-operation and Development (“OECD”) has confirmed certain circumstances when corporate trustees will be financial (see question 9 on page 14 of the FAQs on the OECD’s CRS portal (Link)). The New Zealand Revenue’s guidance on the application of the CRS to corporate trustees within a professional group now reflects those changes (Link). The same approach applies to both the CRS definitions of investment entity and custodial institution.
A Tax Information Bulletin including this subject is expected to be published in early September 2019.