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Legal Entity Identifier (LEI) vs Inland Revenue Department (IRD) in New Zealand

The Legal Entity Identifier (LEI) is a standard identifier that provides verified data on legal entities and is registered on a centralized system, the Global LEI System. In New Zealand, the Tax Identification Number (TIN) is referred to as Inland Revenue Department (IRD). IRD number is a unique number issued by Inland Revenue to customers, both individuals and non-individuals (such as Companies, Partnerships, Trusts, and Charities). It is required when a customer needs to interact with New Zealand’s tax system and includes both residents and non-residents.

 

Legal Entity Identifier (LEI) in New Zealand

The LEI is a 20-character alphanumeric code that is based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). LEI number is used as a reference to important information that offers transparency when taking part in financial transactions such as trading with stocks, bonds, or forex.

LEI connects to key reference information that enables a clear and unique identification of legal entities participating in financial transactions on a global scale. Each LEI contains well-structured reference data which is categorized into 2 sections: Level 1 – who is who and Level 2 – who owns whom.

Level 1 data includes entity registration details, such as legal name, number of registration, legal and HQ address, etc. Level 2 contains information about an entity’s ownership structure and thus answers the question of who owns whom.

Simply put, the publicly available LEI data pool transfers unstructured entity registration data into a standardized global directory, which helps to enhance transparency in the global marketplace.

How to get an LEI in New Zealand? 

An LEI number needs to be obtained through an LEI service provider, this could be a Local Service Provider (LOU) or a Registration Agent (RA). The Global LEI System (GLEIS) is designed to encourage competition between LEI issuers and registrators for the benefit of legal entities seeking to obtain an LEI. Generating a price for issuing and maintaining an LEI has therefore been left to the organizations themselves. This explains why some companies charge double the price of their competitors. 

Where to find LEI-s in New Zealand?

Any interested party can access and search the complete global LEI data pool free of charge. You’ll be able to quickly source information on who is who and who owns whom.

LEI Register – Number One Registration Agent Worldwide

LEI Register is an official Registration Agent – we have been helping legal entities apply for new LEI codes or transfer and renew existing LEI codes since early 2018. We have successfully pursued our goal to make the LEI registration process simple, automated, fast, and affordable. At LEI Register we keep our profit margins low and believe in building long-term business relationships.

LEI Register has built a loyal customer base by offering the lowest prices on the market, all whilst keeping active 7 days a week customer support in a local language in 35 countries.  

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Tax Identification Number (TIN) in New Zealand

Inland Revenue Department (IRD)

IRD stands for “Inland Revenue Department”. An IRD number is a unique tax number given to you by the Inland Revenue Department of New Zealand so that you can pay the correct work taxes as you work in New Zealand.

It is used for all taxes that a customer is registered for – including Income Tax, Goods and Services Tax, and Employer taxes (such as Pay as You Earn and Fringe Benefit Tax) and for any social policy entitlements operated by Inland Revenue – including Working for Families Tax Credits, Child Support, Student Loans, Paid Parental Leave and KiwiSaver.

How to get an IRD? 

To get an IRD number you’ll need to fill out an application form and send it to Inland Revenue. As Inland Revenue has signed up to NZ’s Evidence of Identity Standard, you’ll need to provide supporting documentation to confirm their identity. For individuals, this includes a combination of documents such as birth certificate, passport, and driver’s license. For non-individuals documents include a certificate of incorporation, deed of trust, and certificate of registration.

Where to find IRD-s in New Zealand?

IRD numbers are printed on all tax returns, letters (including the initial notification following registration into the tax system), and notices sent to customers. For individuals who are employees, it is often shown on payslips issued by their employer. For businesses registered for GST (Goods and Services Tax), it is shown on Tax Invoices. It is also displayed in a customer’s online services account with Inland Revenue (myIR).

 

New Zealand TIN (2022) [online]

Available at: https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/New%20Zealand-TIN.pdf  [Accessed 5th April 2022]

 

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