Here it is:
They don’t know quite what they want other than they want KiwiSaver plans exempted. JustMe and Moby might want to call their NZ MPs and have a word with them. They also claim to have extensive information sharing between NZ IRD and US IRS.
Perhaps you might want to have a word with Danie Beukman, Second Secretary at the New Zealand Embassy in Washington.
Another group I suspect might be interested in this letter I suspect would be the NZ Greens and NZ Labour.
Update: Call Danie Beukman on Monday. Really he works pretty closely with the US House Ways and Means committee. He is pretty active on Twitter also.
@Just Me, and @tiger, it is very scary what legislators do without public discussion or general consent. It makes me feel like ordinary citizens are just pawns – and we’ll wake up to find that the world has been reconfigured around us overnight. The argument that a slim or technical majority in an election gives a government the mandate to do anything and everything they might have in mind is the usual rejoinder when challenged. And it is those with access to the proceedings via biggest assets that get to be called ‘stakeholders’, and influence/design the outcome – not your average individual taxpayers.
@badger: ochlocracy — “Ochlocracy … is democracy … spoiled by demagoguery, “tyranny of the majority” and the rule of passion over reason…”
Thanks @Watcher, did not know that term.
Well, New Zealand now wants on of those IGAs the FATCANATICS are offering them…
I do think Jatras has the only reasonable way I have seen for derailing this freight train.
I see Peter Dunne, MP from NZ tweeted about the proposed NZ IGA….
Can’t be a bad guy, I see he is a sailor!
I responded here…
I also see the IRD tweeted about this, but I did not respond.. In a small country no sense drawing their attention to me. Besides they don’t make the policy
PwC welcomes the Government’s announcement on FATCA regulations
Yea, right. They are part of the FCC, and probably have money to be made or think they will have a BIG savings. I think they may be surprised.
Another story out on the FATCA IGA proposal in NZ..
New Zealand will seek to negotiate tax information agreement with US over ‘FATCA’ law NZ banks had feared would cost them NZ$100 mln
They seem to think this is FATCA salvation for them.
Tims latest comments about New Zealand as a tax haven, and why they might want to negotiated an IGA…
Here, here and here.
Just a cross reference to a John Brown post on the Ask your FATCA question thread.
NZ to Negotiate FATCA Agreement With US
“Without an inter-governmental agreement, financial institutions would have
to enter into separate agreements……………and risk being in conflict with New
Zealand’s privacy and human rights laws”.
Tax evasion harder now – NZ Government
Tax evasion has become “significantly more difficult” now the Government has signed an international convention which allows Inland Revenue to ask for information from tax authorities in other countries, Revenue Minister Peter Dunne says.
The Convention on Mutual Administrative Assistance in Tax Matters also allows IRD to ask for help in collecting tax from absconding taxpayers who have moved overseas.
“International co-operation in tax matters is critical to ensuring that everyone pays their fair share of tax,” Mr Dunne says. “Being a signatory to this convention is one more nail in the coffin for tax evasion.”
The convention was drafted by the OECD and the Council of Europe.
So far 42 countries have signed it and 10 more have formally signalled their intention to sign it.
Latest news regarding IGA consultation is there is no set date for submissions or public consultation, however legislation to give effect to an IGA is likely to be introduced to Parliament in the first half of 2013 and then will be referred to a select committee. It is at this point that the select committee would typically call for submissions.
I can hardly imagine the US being happy with this being sent to a select committee. There is an incredibly high risk of a select committee voting down the implementation legislation and blowing this whole thing up.
A couple new stories on the TPP negotiations and opposition to agreements with America. Looking for ways to leverage some of this towards FATCA opposition…
No TPP deal unless dairy and Pharmac are in – Key
Jane Kelsey: Pacific deal masks bigger plan
Editorial: NZ must not settle for less than golden deal on TPP
Got a response from the NZ Minister of Revenue (or his staff, more likely) regarding my letter. All bad news I’m afraid.
His staff did read my lengthy letter, which is a credit to them. They understand the implications for 60,000 NZers and they are charging ahead with the IGA regardless, for the greater good (as they see it). The most telling comment is this gem (excerpted):
“[…] However, New Zealand respects the United States’ sovereign rights to tax its citizens, and impose penalties for non-compliance, in the best ways it sees fit. […]”
Seeing as this is the official position of the NZ government, it’s game over.
US-connected NZer. Bus. Thrown under.
I guess my role now is to ensure that the consequences of the IGA decision come back to be hung around the necks of the decision-makers. By consequences I mean the imposition of FBAR penalties on US born Joe Kiwi who moved with his family to NZ at age 5, 30 years ago. I guess I just wait till it hits the news. Won’t be for a while though.
I hope Canada’s politicians do better.
@Re “[…] However, New Zealand respects the United States’ sovereign rights to tax its citizens, and impose penalties for non-compliance, in the best ways it sees fit. […]“
Well, we know where they stand, I guess.
Even if NZ has to change your laws to allow them to do it here on your soil, eh? Boy, have they no concept of sovereignty, do they? Might as well bend over and give them what they want on their TPP too! 🙂 BTW, they have a sovereign right to steam their nuclear powered vessels into Auckland harbor too. I am sure John Key and Mike Moore believe this too.
Obviously they really don’t get the concept of US Person, and how broadly that definition can be… It doesn’t have to be just a “US born Joe Kiwi ” caught out!
Green Card Expats May Fall Under FATCA Tax Trap
Expats may have to give up their hard-won green cards to stay ahead of the US tax man under controversial FATCA tax avoidance rules.
Just a couple comments for Tim who seems to follow AU/NZ TPP activity.
In the Fairfax Sunday Star*Times, which is NOT available on the internet, there were three stories that I just want to mention, in case they can be found later.
They all deal with Kiwi/Australian concerns about Sovereignty loss, or bending to US rules. I mention these, as it seems the sovereignty issue might be fruitful grounds for opposition to FATCA IGA.
Kiwi spooks forced to come into the light.
This story center around the role GSCB (Governement Communications Security Bureau) and “Echelon” (deep cover spy agency) involvement with the illegal snooping on Dotcom.
Wouldn’t it be nice to see such words written about FATCA? It went on to say
I could write exactly those words about FATCA.
OZ sovereignty not for sale under TPP
Again, I long to see the same words about ‘import sovereign rights‘ surface in the media here in relation to FATCA
Police hurt in violence over trade talks
Let’s grasp Asian realities, On trade, the prime minister is singing off-key writes rob Oram.
Other stories from the New Zealand Herald, with links.
Police attacked at TPP protest
TPP anything but plain sailing
US face of trade talks
updating for the most recent editorial on the Trans Pacific Partnership negotiations going on in Auckland. It is not FATCA related, but fascinating just the same,
Jane Kelsey: Secret talks breed scepticism
FATCA: the neutron bomb of the global financial system and New Zealand
don’t have the power to move posts, so just added it here (hadn’t see your Feb. 27/ 2013 request);
http://www.wnd.com/2013/02/obama-skirting-congress-in-globalist-plan/ “…..The issue centers on “fast-track authority,” a provision under the Trade Promotion Authority that requires Congress to review an FTA under limited debate, in an accelerated time frame subject to a yes-or-no vote.
Under fast-track authority, there is no provision for Congress to modify the agreement by submitting amendments. Fast-track authority also treats the FTA as if it were trade legislation being negotiated by the executive branch. The purpose is to assure foreign partners that the FTA, once signed, will not be changed during the legislative process.
A report released Jan. 24 by the Congressional Research Service, “The Trans-Pacific Partnership Negotiations and Issues for Congress,” makes clear the Obama administration does not have fast-track authority to negotiate the TPP, even though the office of the U.S. Trade Representative is acting as if fact-track authority is in effect……”
(My note: this seemed to be an attempt similar to the tactic used re FATCA, and DATCA, to bypass Congress)
See also, comments made here about FATCA: http://www.compasscayman.com/journal/2013/02/06/Taxes-FATCA-%E2%80%93-symbol-of-the-mercenary-tax-state/
Would be interesting to hear what Prof. Christians thinks about the Trans-Pacific Partnership. And, if the Congressional Research service did a report on whether Obama has the authority to act on the Trans-Pacific Partnership, was any Congressional Research service report done on FATCA (and DATCA)?
Just updating to reference the newest post on New Zealand IRD