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Tax Administration Act 1994

Miscellaneous

226E: Application of changes to CRS standard

You could also call this:

"Rules for updating tax standards"

Illustration for Tax Administration Act 1994

The Governor-General can make regulations about changes to the CRS standard. You need to know that these regulations can say how the changes affect the CRS applied standard. The regulations can also say how long the changes apply or do not apply, and how they affect people's or entities' obligations and liabilities. You can find more information about the publication requirements for these regulations in Part 3 of the Legislation Act 2019. The Governor-General can set a period for the regulations to apply, which cannot start before the latest reporting period that finishes before the regulation is made.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7127222.

Topics:
Money and consumer rights > Taxes
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226D: Reportable jurisdictions for CRS standard and Part 11B, or

"Countries that must share tax information with New Zealand"

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226F: Application of changes to model reporting standards for digital platforms, or

"Rules for digital platforms to report information can be changed by the Governor-General"

Part 13Miscellaneous

226EApplication of changes to CRS standard

  1. The Governor-General may from time to time, by Order in Council, make regulations relating to a change in the CRS standard or the CRS publication providing for—

  2. the effect or lack of effect of the change on the CRS applied standard:
    1. a period for which an effect or lack of effect applies or does not apply:
      1. the effect or lack of effect of a change to the CRS applied standard on the obligations and liabilities of a person or entity or class of persons or entities.

        1. A regulation may set out the period for which it is to apply, which must not begin before the latest reporting period that finishes before the regulation is made.

        2. A regulation may provide for the change, extension, limitation, suspension, or cancellation of an earlier regulation.

        3. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

        Notes
        • Section 226E: inserted, on , by section 29 of the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 (2017 No 3).
        • Section 226E(4): replaced, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).