Inland Revenue releases BEPS Questionnaire

Inland Revenue has commenced sending out an International Questionnaire to foreign-owned compliance-managed taxpayers and to foreign-owned taxpayers in the Basic Compliance package process (apart from banks and insurers). The questionnaire is designed to collect key information about financing/debt and transfer pricing issues for non-resident owned groups of companies operating in New Zealand.  This information is sought to assist Inland Revenue with measuring the impact of Base Erosion and Profit Shifting (BEPS) on New Zealand.

The questionnaire will further enhance Inland Revenue’s risk assessment processes and will be in addition to the current Basic Compliance Package and Compliance Management process. It will feed into key policy decisions in order to keep New Zealand informed as countries move towards implementing measures arising from the BEPS Action Plan.

In the longer term, Officials have advised that targeted electronic disclosures will be considered as part of the larger Business Transformation programme currently being undertaken by Inland Revenue.

For more information about the questionnaire, please contact your usual Deloitte advisor.