Common Reporting Standard Guide for Entities

Joining BNZ

Under the Organisation for Economic Co-Operation and Development (OECD) Common Reporting Standard, which New Zealand has agreed to adopt, we are required to confirm various matters including in which country or countries the entity opening the account is a tax resident.

We will ask for a self-certification to be completed and you’ll need to determine the entity’s status 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 we may not be able to open your account. One of our team may also contact you at a later date if we need any further information about your tax residency status.

 

Existing customers

As an existing customer of BNZ we may contact you and request confirmation of the entity’s country or countries of foreign tax residency.

If we do, we will ask for a self-certification to be completed and you’ll need to determine the entity’s status 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.

How will I know when the details of the entity or its controlling persons are being shared and what is provided 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.

What if I am unsure about my foreign tax residency/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.

 

Where can I go to get more information?

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

Download the following Common Reporting Standard self-certifications: