Table: Analysis Impacts Economic / revenue impact Option Meets objective? Net impact Administrative impact Compliance impact Fairness 1 - Not requiring Meets objective in None, other than those No change. Inland No change. Applicants Applicants are Addresses the evidence of a New part. Inland Revenue identified as part of the Revenue continues to use must provide required to provide problem Zealand bank has powers to enforce broader suite of property tax the current application documentation set out in relevant definition in part account as a tax obligations and measures announced as part and processes. the relevant IRD number documentation, some because Inland prerequisite to an some comfort as to of Budget 2015. application form. of which is tailored Revenue already offshore person the identity of IRD for offshore collects obtaining an IRD number applicants applicants (such as information on number (status quo) obtained by Inland foreign passports). IRD number Revenue, but there are applicants. Meets recognised the objective in deficiencies in respect part. For of non-individual individuals it is applicants. considered that the Commissioner already obtains adequate verification of identity as part of the current IRD number application process. Impacts Economic / revenue impact Option Meets objective? Net impact Administrative impact Compliance impact Fairness
Table: Analysis Option Meets objective? Impacts Net impact Economic / revenue impact Administrative impact Compliance impact Fairness 1 - Not requiring evidence of a New Zealand bank account as a prerequisite to an offshore person obtaining an IRD number (status quo) Meets objective in part. Inland Revenue has powers to enforce tax obligations and some comfort as to the identity of IRD number applicants obtained by Inland Revenue, but there are recognised deficiencies in respect of non-individual applicants. None, other than those identified as part of the broader suite of property tax measures announced as part of Budget 2015. No change. Inland Revenue continues to use the current application and processes. No change. Applicants must provide documentation set out in the relevant IRD number application form. Applicants are required to provide relevant documentation, some of which is tailored for offshore applicants (such as foreign passports). Addresses the problem definition in part because Inland Revenue already collects information on IRD number applicants. Meets the objective in part. For individuals it is considered that the Commissioner already obtains adequate verification of identity as part of the current IRD number application process. Option Meets objective? Impacts Net impact Economic / revenue impact Administrative impact Compliance impact Fairness
2015-ris-liopi-bill-1.docx