Recently, the New Zealand’s Inland Revenue has introduced the Base Erosion and Profit Shifting (BEPS) disclosure requirement to support the new BEPS rules, including the expanded information collection powers applying to large multinational groups. BEPS disclosures are required for income years commencing on or after 1 July 2018. The BEPS disclosure must be completed via myIR online services, with tax returns from 2019.
For assistance in completing the disclosure, Inland Revenue has published BEPS disclosure guidance. In relation to the hybrid and branch mismatch rules, the Inland Revenues has published Hybrids compliance and disclosure table, which also assist taxpayers in determining if they need to make a BEPS disclosure and Final special reports on BEPS for further guidance.
