This book is only available in PDF format

Authors: Henry Brandts-Giesen, Neil Russ
Published: 9 August 2017
Pages: 70

Introduction

The global financial crisis has had far-reaching implications for governments throughout the world. Significant costs both in terms of decreased tax revenue, and financial resources expended in the “bailing out” of financial institutions and engagement in quantitative-easing, have encouraged revenue authorities to turn ever-more attention towards maintenance of the tax base. A belief of many lawmakers that citizens are hiding assets in other jurisdictions, and therefore depriving their home countries of much-needed revenue, has led to a strong political and popular desire to ensure that everyone pays their fair share. Sharing of information between tax authorities is considered necessary to achieve this.

Content outline

• Introduction to the Automatic Exchange of Information and the Common Reporting Standard
  • AEOI/CRS and global information sharing
  • FATCA
• Key terms and concepts
• Overview of the AEOI/CRS regime
  • Reporting FIs for CRS purposes
  • “Financial accounts” for CRS purposes
  • Record-keeping obligations
  • Penalties regime
• Compliance: due diligence and reporting requirements
  • Due diligence
  • Reporting on reportable accounts
  • Collection of information by law firms
  • Registration not required for AEOI/CRS
• Impact of AEOI/CRS on law firms and law firms’ trust accounts
  • Classification of law firms
  • Guidance provided by the NZLS
  • The duty to place funds on IBD
• Treatment of trusts
  • How are trusts caught
  • Trustee-documented trust procedure
  • Examples
• Practical issues