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Trusts – Common Reporting Standard (CRS)
New Zealand has adopted what is known as the Common Reporting Standard (CRS). CRS is a program which involves a world-wide exchange of information between participating countries including New Zealand. Because we are also a trustee of the Trust/s, we are required to make sure that the trustees meet their obligations under CRS.
Under CRS, some trusts are required to register with the Department of Inland Revenue (IRD) and disclose certain information to IRD. IRD is then required to pass on that information to relevant foreign jurisdictions.
Does your Trust need to register and disclose?
Trustees will be required to register and disclose information to IRD if:
- the Trust is a reporting New Zealand Financial Institution (FI); AND
- there is something to report;