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New Zealand to Put OECD Crypto Tax Framework in Place by April 2026
New Zealand-based crypto-asset service providers will have to collect information on users' transactions starting April 1, 2026.
Updated Aug 27, 2024, 2:34 p.m. Published Aug 27, 2024, 2:32 p.m.
- New Zealand plans to put in place the Organisation for Economic Co-operation and Development's crypto reporting framework by April 2026.
- The measures are meant to help ensure firms provide tax information on transactions in crypto-assets to prevent tax evasion.
New Zealand plans to have the Organisation for Economic Co-operation and Development's (OECD) crypto reporting framework in place by April 2026, according to a policy document on Monday.
Amendments to make the framework law were set out in the Taxation (Annual Rates for 2024 −25, Emergency Response, and Remedial Measures) Bill commentary by Minister of Revenue Simon Watts.
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The OECD, an intergovernmental standards-setting body, approved the reporting framework in 2022. The measures are meant to help ensure firms provide tax information on crypto asset transactions in a way that allows the information to be exchanged easily. The framework was constructed to "fight against international tax evasion," the body said at the time.
New Zealand-based crypto-asset service providers would have to collect information on their users' transactions starting April 1, 2026, the document said. Firms will have until June 30, 2027 to report the information to the Inland Revenue.
Read more: New Zealand Is Not Exploring Crypto Regulation, but Recommends Increased Vigilance
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