Tax evasion on overseas income

New Zealand has signed up to the Automatic Exchange of Information (AEOI) - an international initiative to combat global tax evasion. This means that New Zealand will share information about foreign tax residents with financial accounts in New Zealand and in return will receive information about New Zealanders with overseas financial accounts.

How many countries are involved in the AEOI?

Over 100 countries have signed the AEOI. These countries will exchange information automatically using the CRS.

The CRS is a global framework for the collection, reporting, and exchange of financial account information about people and entities investing outside of their tax residence jurisdiction.

The CRS and a comprehensive commentary along with other information about AEOI are available on the OECD's automatic exchange portal. The CRS and the related commentary have been introduced into New Zealand law.

What does this mean for you?

This means if you're a New Zealand tax resident with a bank account or financial interests in another country, now’s the time to check that you’re meeting all of your tax obligations.

Contact us if you are unsure about your tax obligations or tax residency.

Note: Tax Residency is different that being a Resident of New Zealand. Tax Residency can be achieved by spending as little as 180 days in New Zealand, having family/financial ties or Permanent place of adobe in New Zealand.

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