Common Reporting Standard Guide for Entities

Under the Organisation for Economic Co-Operation and Development (OECD) Common Reporting Standard, we are required to ask you about your entity’s country or countries of foreign tax residence when you join us for the first time, or if you’re already a customer of ours and you want to open a new account.

We will ask for a self-certification to be completed and you’ll need to determine the entity’s classification under the Common Reporting Standard, as well as declare if the entity is a foreign tax resident.

If the entity is a foreign tax resident, we’ll require its foreign tax number(s) or equivalent(s). If a foreign tax number(s) or equivalent(s) cannot be supplied we’ll need to know the reason it can’t (for example, if the country does not issue tax numbers, or an equivalent to all its tax residents).

If you represent a passive non-financial entity, we’ll also need a self-certification confirming the above foreign tax residency information for all controlling persons of the entity.

For more information on determining your entity’s status and controlling persons please visit the IRD website.

If you do not provide this information to us, or if there’s an issue with the information provided, you may not be able to open a new account.  

Disclosing your details to Inland Revenue

BNZ must comply with all relevant laws and regulations. This sometimes means we have to disclose customer information to external agencies. However, we will only share customer information when we’re legally obliged to disclose it and in accordance with our Standard Terms and Conditions.

Under the Privacy Act, you are entitled to see and request correction of any personal information about you held by BNZ.

If you declare through a self-certification that the entity and/or (if required) controlling persons, are tax residents of another country or countries, then personal and account details will be provided to Inland Revenue.

Foreign tax residency or status

Different countries have different rules about what defines a tax resident. If you are unsure about the entity’s foreign tax residency or the foreign tax residency of any controlling persons required to complete a self-certification, or have any specific questions (for instance, relating to the entity’s status under the Common Reporting Standard), we recommend that you contact a tax adviser or the relevant tax authority, as BNZ is unable to give tax advice. You can also visit the OECD website for further information.

You also have an obligation to notify us of any change in circumstance affecting the entity’s and (if applicable) any controlling person’s tax residency status.

 

Need more information?

You can visit the following websites or talk to a tax adviser for further advice:

Common Reporting Standard self-certification forms

This guide is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this guide.

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