Hi everyone, just a reminder for those who have received a letter or email requesting information about your tax residency status that the deadline to provide it is approaching!
As part of global measures to counter tax evasion, all NZ banks and financial institutions are now required to collect information about customers’ foreign tax residency and pass that and other personal and account information onto Inland Revenue, which may then be exchanged with overseas tax authorities.
Generally called the Common Reporting Standard, it has been initiated by the Organisation for Economic Co-Operation and Development (OECD) under the Automatic Exchange of Information (AEOI) regime to achieve the exchange of certain information between participating countries. Currently over 100 countries have agreed to implement the standard, including New Zealand.
If you’ve received a letter or email from us then please ensure you provide this information as soon as possible. Those who have not provided this information by 22 June 2018 are at risk of having their bank accounts deactivated.
The easiest way to do this is via internet banking – log in and navigate to Menu > Settings > Foreign Tax Residency, and follow the prompts.
More information on the Common Reporting Standard and how to provide your foreign tax residency information here: https://www.bnz.co.nz/about-us/governance/corporate-governance/common-reporting-standard