New Zealand: Opened consultation on Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill

On 30 August 2024, the New Zealand Parliament opened a consultation on the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill until 9 October 2024. The Bill would incorporate the Crypto-Asset Reporting Framework (CARF), developed by the OECD, into national legislation. This legal framework would mandate the reporting of tax information on transactions in crypto-assets in a standardised form, allowing the automatic exchange of this information with other jurisdictions. The Bill also sets out specific penalties for non-compliance with the CARF.