Tax Updates: 11 March 2024

Welcome to this week’s review of tax issues where Richard comments on what’s been happening in the world of tax over the past week. If you have a question or would like a second opinion on any national or international tax issues, please contact Richard via email at [email protected].

Who are we going to tell?

Well, the world shrinks even further as Inland Revenue (IR) continues to add to the list of jurisdictions with which it could exchange information as part of implementing the Common Reporting Standard (CRS) for Automatic Exchange of Financial Account Information in Tax Matters (commonly referred to as AEOI).

By now, you would no doubt have experienced a financial institution such as your bank requesting certain tax-related information for you or your client. This information is then passed to IR, who may then pass it on to any one of the reportable jurisdictions, usually only upon request. However, there are a number of countries where the information is automatically shared.

So, eight countries now join the reporting jurisdiction list in relation to reporting periods on or after April 1st:

• Georgia
• Kenya
• Moldova
• Montenegro
• Morocco
• Thailand
• Uganda; and, 
• Ukraine.

The latest update to livestock costs issued

IR has recently issued the ‘National Standard Costs for Specified Livestock Determination 2024’.

The determination applies for the purpose of section EC 23 of the Income Tax Act 2007, and to any specified livestock on hand at the end of the 2023–2024 income year where you or your client have elected to value that livestock under the national standard cost scheme for that income year.

The reference to the determination is NSC 2024, and it can be located within IR’s tax technical section of their website here.

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This article was originally published through the ‘A Week In Review’ newsletter. If you would like to receive Richard’s tax updates every Monday morning, you can subscribe here.