Understanding Exchange of Information at SGATAR Annual Meeting
Explore the exchange of information discussed at the 50th SGATAR Annual Meeting in New Zealand, covering challenges, digital transformation promotion, and efficient implementation of EOI. Learn about New Zealand's tax programs, cooperation strategies, and the impact of COVID-19 on information sharing.
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Presentation Transcript
Exchange of Information 50th SGATAR Annual Meeting Anu Anand New Zealand Date of Presentation: 26 October, 2021
Agenda Introduction Exchange of information New Zealand context Challenges in efficient implementation of EOI COVID-19 and promotion of digital transformation
Introduction New Zealand is an OECD member Exchange of Information to encourage international cooperation New Zealand s Treaty network DTAs TIEAs Multilateral Convention Three main types of exchange of information Automatic Specific exchanges on request Spontaneous exchanges
Exchange of Information New Zealand context New Zealand tax residents are taxed on their worldwide income offshore data is very important New Zealand s comprehensive EOI programme Exchange of information on request Spontaneous exchanges of information Traditional automatic exchange of Information Foreign Account Tax Compliance Act Common Reporting Standard Country-by-country reporting Exchange of tax ruling summaries Other
Challenges in efficient implementation of EOI Common Reporting Standard Peer Review Core Requirement 1 Jurisdictions should ensure that all Reporting Financial Institutions apply due diligence procedures which are in accordance with the CRS to review the financial accounts they maintain, and collect and report the information required by the CRS Core Requirement 2 Jurisdictions should exchange information with all Interested Appropriate Partners, in accordance with the AEOI Standard, in a timely manner, ensuring it is sorted, prepared, validated and transmitted in accordance with the AEOI Standard Core Requirement 3 Jurisdictions should keep the information exchanged confidential and properly safeguarded, and use it in accordance with the exchange agreement under which it was exchanged
COVID-19 promotion of digital transformation COVID-19 pandemic Context Challenges or Opportunities? Benefits of digital and automation Risk and implications
New Zealands digital transformation EOI context Business Transformation Digital processes and procedures Digital uptake Sophisticated suite of analytical tools Benefits for Exchange of Information
