5 Mar 2019

Anti-tax evasion data sharing network expands to 90 countries

11:08 pm on 5 March 2019

New Zealand is adding agreements with 30 countries and jurisdictions to combat tax evasion, bringing the number of countries that share such information to 90.

Minister of Police, Stuart Nash. The Government is responding to increased drug-related deaths by cracking down on the suppliers of synthetic drugs.

Revenue Minister Stuart Nash Photo: RNZ / Rebekah Parsons-King

Revenue Minister Stuart Nash said the move, agreed to by Cabinet tonight, reflected greater cooperation by the OECD and G20 countries in cracking down on tax evasion.

"It further increases our ability to ensure all New Zealanders pay their fair share of tax, including those who have financial interests in other countries. It shines a spotlight on those who try to evade tax obligations by hiding their assets offshore," he said.

Additions to the list included jurisdictions such as the Cook Islands, Samoa, Switzerland, Pakistan, Panama, Macau, and Nigeria.

Under the agreements, information can be shared about accounts at banks and private equity funds.

"New Zealand taxpayers are strongly advised to check they have correctly accounted for their offshore investments. If not, they should make a voluntary disclosure to Inland Revenue without delay," Mr Nash said.