New Zealand: Adopted Tax Administration Act 1994 containing data localisation requirements

On 20 December 1994, the New Zealand Parliament adopted the Tax Administration Act, which imposes data localisation requirements for the keeping and retention of business and other records. The Act imposes data localisation requirements for the keeping and retention of business and other records. The Act mandates that records related to any business or economic activity carried out in New Zealand must be kept and retained within the country, with a small exception to be applied in particular cases. The legislation covers a wide range of records, including financial statements, assets and liabilities, day-to-day financial transactions, details of goods and services, and information on fringe benefits and superannuation contributions. Additionally, it specifies the retention of records for a minimum of seven years and outlines conditions under which records must be kept in English or, te reo Maori, or another language with authorisation. The Act aims to ensure that the Commissioner, or any authorised officer, can readily ascertain a person's assessable income, deductions, and other relevant financial details for taxation and regulatory compliance.