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Guidance on the Common Reporting Standard IR1048
for Automatic Exchange of Information
This guidance is for financial institutions that are implementing the Common Reporting Standard (CRS) and others who may have CRS and Foreign Account Tax Compliance Act (FATCA) obligations.
It covers entities seeking to clarify if they're Reporting New Zealand Financial Institutions (NZFIs) with CRS obligations, or those that know they're Reporting NZFIs but are seeking to clarify what their:
- CRS due diligence obligations are
- CRS reporting obligations are
- obligations are under the CRS and FATCA if they hold accounts with Reporting NZFIs (or are otherwise connected with such accounts).
It also covers individuals and entities seeking to clarify how the CRS applies to:
- fund managers and investment advisors
- collective investment vehicles
- deceased estates.