New Zealand has published guidance on the increased disclosure requirements for foreign trusts with New Zealand-resident trustees.
Changes to the rules were included in The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017, which came into effect on February 21, 2017.
From June 30, 2017, the law introduces an obligation for affected trusts to register with Inland Revenue, file annual disclosure returns, and pay registration and filing fees. Information on the register of foreign trusts will be shared with certain New Zealand government agencies.
The resident trustee of the foreign trust would need to comply with the registration and filing obligations to qualify for the exemption from tax on foreign-sourced income, New Zealand's Inland Revenue said.
The amendments contained in the Act require existing trusts to apply for registration by June 30, 2017. Foreign trusts formed after the February enactment of these amendments have 30 days to apply for registration.
New Zealand taxes trusts on the basis of the tax residence of the settlor. New Zealand therefore provides an exemption for foreign-sourced amounts derived by trustees resident in New Zealand if the trust is classified as a foreign trust.
Switzerland and the United Kingdom signed a DTA Protocol on November 30, 2017.
According to an update from the Liechtenstein Government, the new DTA with the United Arab Emirates will become effective from January 1, 2018.
According to preliminary media reports, the Netherlands and Liechtenstein held a first round of DTA negotiations over three days ending November 17, 2017.
Saudi Arabia's Cabinet on November 28, 2017, authorized the signing of a DTA with Bulgaria.
Bahrain's Cabinet has approved the signing of a new DTA with Hong Kong, the state news agency said November 13, 2017.
Hong Kong announced on November 24, 2017, that its DTAs with Pakistan and Latvia had entered into force.
Finland on November 2, 2017, confirmed that a new DTA signed with Germany will be effective from January 1, 2018.
The DTA between Cyprus and Iran will become effective from January 1, 2018.
India ratified a third Protocol to its DTA with New Zealand on November 2, 2017, publishing a Notice in its Official Gazette.
Gibraltar and the United Kingdom are considering launching negotiations towards a DTA, according to recent comments from the UK's Economic Secretary to the Treasury.
Barbados and Italy have exchanged instruments of ratification in respect of a DTA, which will now become effective from January 1, 2018.
Switzerland's Government on October 25, 2017, adopted a dispatch on the DTA concluded with Pakistan, enabling its ratification.
Spain and Portugal signed a DTA on October 18, 2017.
Pakistan and Latvia initialed a DTA on October 25, 2017.
Spain and Romania signed a DTA on October 18, 2017.
Denmark and Japan signed a DTA Protocol on October 11, 2017.
The Bahamas and Finland signed a Protocol to amend their TIEA on October 19, 2017.
The Dutch lower house of parliament on October 24, 2017, approved the ratification of a DTA signed with Zambia.
Cyprus and Mauritius signed a DTA Protocol on October 23, 2017.
According to preliminary media reports, Armenia and Iran are to enter into negotiations to revise their DTA.
The United Kingdom and Ukraine signed a DTA Protocol on October 9, 2017.
According to preliminary media reports, Spain's Cabinet on October 6, 2017, approved the signing of a DTA and accompanying Protocol with Finland.
Russia and Japan signed a DTA on September 7, 2017.
A new TIEA between the Isle of Man and Turkey entered into force on October 7, 2017.
The United Kingdom and Belarus signed a DTA on September 26, 2017.