myIR, payments and more
Common Reporting Standard obligations IR1220
For account holders and financial institutions
The Common Reporting Standard (CRS) is an Organisation for Economic Co-operation and Development (OECD) initiative to combat global tax evasion by sharing information about the financial accounts of foreign tax residents (including individuals, entities and persons that control financial accounts) with the international jurisdictions New Zealand has agreements with.
Use this factsheet to understand the high-level summary of:
- what your CRS obligations are as an ‘account holder’ or ‘financial institution’
- the penalties that may apply, and
- where to find out more information about the CRS.