Automatic Exchange of Information (AEOI)
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1 Automatic Exchange of Information (AEOI) Graham Hunt, Michael Webb Jo Poole, Danielle Weiss November 2016 Wellington / Auckland
2 Overview 1. Quick Recap 2. Legislation Progress 3. Timeframes 4. Key Themes from Submissions 5. IR Guidance 6. Questions
3 1. Quick Recap
4 Why? To detect & deter offshore tax evasion A global initiative driven by the OECD Strict requirements Broader context Other global initiatives Wider benefits for New Zealand
5 Shared responsibilities CRS due diligence reporting AEOI exchange Common Reporting Standard Automatic Exchange of Information
6 CRS steps Reporting Financial institutions 1. Review Financial Accounts 2. To Identify Reportable Accounts 3. By Applying Due Diligence Rules 4. Then Report Relevant Information
7 Two Jurisdiction types Reportable Jurisdictions NZ provides information to them largely irrelevant for those that adopt the wider approach to reporting Participating Jurisdictions NZ receives information from them important for look-through of Passive NFEs* *Non Financial Entity (NFE)
8 Passive NFE Entity Financial Institution (FI) Non Financial Entity (NFE) Passive NFE Active NFE
9 2. Legislation Progress
10 Taxation Bill* Update Bill introduced 8 August 2016 With Select Committee Expecting report back 21 November 2016 On track for enactment early 2017 Special dispensation for AEOI Continued engagement with stakeholders Constitutional constraints Foreign trust disclosure rules *Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill
11 3. Timeframes
12 Activity AEOI key dates Call for submissions (NRFIs & accounts) Date Mid-November 2016-End January 2017 Draft IR guidance issued Mid-December 2016 Call for submissions (Reportable jurisdictions) (TBC) Feedback on draft IR guidance January mid-february 2017 Legislation receives Royal Assent NZ version of CRS published Lists published (NRFIs, accounts, participating jurisdictions) Final IR guidance issued Early 2017 (TBC) After enactment After enactment After enactment Order in Council (Reportable jurisdictions) After enactment CRS start date 1 July 2017
13 New Zealand timing Legislation Bill introduced Referral to Select Committee Call for submissions (NRFIs & excluded accounts) IR guidance & lists issued Legislation enacted Due Diligence (FIs) Start date for new accounts Reviews of high value pre-existing individual accounts Reviews of all other pre-existing accounts Reporting (FIs) 1st reporting period (9 months) Reporting deadline 2nd reporting period (12 months) Reporting deadline Exchange (IR) Exchange of data 1st period Exchange of data 2nd period
14 4. Key Themes from Submissions
15 General Themes Inland Revenue continue engaging with the industry to help them prepare Guidance & lists published as a matter of urgency, and if possible CRS timeframes be extended Concern that some reportable jurisdictions may not be trustworthy Privacy concerns eg. use of information gathered for one purpose for alternative purposes
16 Sovereignty Incorporation by reference Surrendering sovereignty Accessibility Legislation proposes incorporating the CRS* into NZ law Copyright issues prevent the CRS being available on Inland Revenue & NZ legislation websites Ambulatory approach Acknowledge concerns Discussing options with Select Committee *CRS = Common Reporting Standard (OECD)
17 Penalties Clarifying absolute liability vs lack of reasonable care Interaction Capping Defences need to be strengthened Additional time for Transitional Measures defence On-going no fault defence for financial institutions Public education campaign needed Given penalties apply to customers Other Associated with Person no longer connected
18 Optionality No compulsion to adopt options Permitted choice rule needs to be clearer Grace period Immediate reporting Distributions to beneficiaries Difficult for RFI* to identify Timing issues (eg if distribution not declared until after 31 March) *RFI = Reporting Financial Institution
19 Four Lists Exclusion Lists 1. NRFIs* 2. Excluded Accounts Jurisdiction Lists 3. Reportable Jurisdictions Dependent on Global Forum, end of 2016? 4. Participating Jurisdictions List submissions NRFIs, Excluded Accounts, Reportable Jurisdictions No submissions for Participating Jurisdictions Process *NRFI = Non Reporting Financial Institution
20 Themes technical issues Customer on-boarding process Non responsive customers AML / FATCA procedures Determining residency Changes in circumstances Practical application of options Application to trusts Application of penalties regime
21 5. IR Guidance
22 IR Guidance Draft Guidance Released by Christmas 2016 Feedback by mid-february 2017 Send practical examples to highlight concerns Indicate key pressure points for business Useful & user friendly Based on your feedback Table of Contents of Draft IR guidance Main themes
23 IR Guidance cont. Table of Contents (Draft Guidance) 1. Overview of AEOI & the CRS 2. Outline who will have obligations under the CRS 3. Outline what those obligations will be: Due diligence Reporting Record keeping Providing information 4. Penalties & anti-avoidance 5. Application of principles to specific types of entities
24 IR Guidance industry themes Industry concerns Determining residency Practical due diligence Starting CRS due diligence Customer forms Meaning of on account opening AML (Anti Money Laundering) Practical CRS reporting Information & optionality Timeframe & methods
25 IR Guidance themes cont. Applying CRS to trusts As financial institutions As passive NFEs Processes to apply for trust accounts Applying CRS to managed funds Who maintains the relevant account Who does the reporting How does CRS impact persons or entities using investment managers All of these themes feed into the guidance
26 Technology Solution High-level design stage Follows CRS (Common Reporting Standard) Three approaches being considered 1. XML file upload large Financial Institutions (FIs) 2. Template spreadsheet medium FIs 3. Online form (IR site) small FIs
27 6. Questions
28 Contact us AEOI questions to FATCA questions to IR Webpage AEOI Consultation paper OECD AEOI Portal
29 Thank you! For your time today Please continue to give us your feedback
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