Bulk datasets from Payment Service Providers

Beginning on April 1, 2023, the Commissioner of IRD will be in charge of routinely collecting datasets from payment service providers.

What has changed?

With the implementation of Section 17L of the Tax Administration Act, these datasets will be collected in order to create a database that enhances compliance and identifies individuals engaging in deliberately concealed activity. The Commissioner of IRD previously made data requests prior to S 17L, however this approach was inefficient and resource-intensive.

Aggregate monthly merchant transactions for the six-month periods starting on 1 April and ending on 30 September, as well as starting on 1 October and ending on 31 March, must be provided by Payment Service providers.  The commissioner must receive these within one month and seven days of the end of the reporting period.

Any Exceptions?

Some may be eligible for exemptions and the exemption form and processes are available on the IRD website as of December 2022. To ensure one is in compliance, the regulations should be read over carefully and consulted with tax lawyer if in doubt. 

{proforms 1}