On 8 August 2016 the Taxation (Business Tax, Exchange of Information and Remedial Matters) Bill was introduced into Parliament. It introduces a number of business friendly changes with regard to provisional tax payments. It also strengthens the disclosure requirements for foreign trusts following the Shewan Inquiry.
The principal changes relating to foreign trusts are:
- an expansion of the level of disclosure to be made to the Inland Revenue Department. The current rules require the name of the New Zealand trustee only. The new disclosure regime will require the name, email address, foreign residential address, country of tax residents, tax identification number of the settlors, trustees, protector beneficiaries and any other person who exercises effective control over the assets of the trust;