A practical webinar for accountants/lawyers to ensure compliance including an overview of the risks in terms of tax compliance for New Zealand tax residents with offshore accounts, life insurance policies and links to offshore trusts or foreign estates
CRS Compliance is the due diligence and the reporting requirement of New Zealand entities such as trusts (outgoing data).
It is the single global standard which imposes due diligence and reporting obligations on certain New Zealand entities to identify and report particulars relating to their settlors, beneficiaries, partners, trustees or any other person that has provided a loan or made an advance payment to the entity.
The webinar will explain the key elements of CRS, what participants should consider ensuring their practice/clients are CRS compliant, which accounts are exempt from the due diligence rules and how CRS risks could be mitigated.
CRS also means IRD obtains offshore account holder details of New Zealand resident. The webinar will look into the incoming data risk and the current IRD activity.
Attendees will understand what entities are required to conduct the due diligence and what information might need to be reported to IRD. How the rules need to be implemented, what the key risks areas are for accountants and their clients, what due diligence means and how they mitigate compliance risks associated with incoming and outgoing data.
Accountants, Lawyers and AML/CRS/FATCA Compliance Officers
Peter Loerscher, Principal - Peter Loerscher International Tax Limited, presenting on behalf of TEO
1.25 CPD Hours