The latest proposal put forth by New Zealand’s Minister of Revenue outlines the implementation of the cryptocurrencies reporting framework developed by the Organisation for Economic Co-operation and Development (OECD).
The proposed bill, titled Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures), also covers other tax-related matters including annual income tax rates, tax relief measures, and amendments to the Common Reporting Standard (CRS).
As part of the new framework, crypto-asset service providers (RCASPs) operating in New Zealand will be required to collect information on their users and report it to Inland Revenue by June 30, 2027, with the requirement taking effect from April 1, 2026.
