New Zealand Parliament Passes Legislation Providing New Trust Disclosure Requirements, CRS Implementation, and Business Compliance Simplification

New Zealand's Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill was passed by parliament on 14 February 2017 and now awaits Royal Assent. The legislation provides for:

• The implementation of stronger foreign trust disclosure requirements;
• The implementation of the OECD's Common Reporting Standard (CRS) for the exchange of financial account information; and
• The implementation of measures to simplify compliance for businesses, especially SMEs, including:
  • The introducti…