Taxation Bill introduced today includes rules allowing people to comply with foreign account information-sharing agreements.
The United States Foreign Account Tax Compliance Act (FATCA) legislation is due to take effect on 1 July 2014. Under FATCA, financial institutions, regardless of their location, will be required to report on certain United States account holders directly to the United States’ Internal Revenue Service, or face a withholding tax on United States sourced income of 30%.
It is proposed that New Zealand enter into an “intergovernmental agreement” (IGA) with the United States, to significantly reduce the compliance costs of FATCA for New Zealand financial institutions. Negotiations for such an agreement are currently underway.
The provisions in the Bill will enable financial institutions to comply with the IGA, and any future similar agreements.
Good deal, osgood. I really enjoy listening to Vinny’s podcasts … even on issues which are local to New Zealanders. There are some amazingly articulate and dedicated activists in NZ. Ah, I can’t deny it. I just have a soft spot for NZ, period. Best place I ever travelled to (many, many years ago).
@osgood now everyone knows that New Zealand views United States Personhood as a superior claim on the ownership of people.
Another letter writing route is this angle. The discrimination against NZers in Aus based on citizenship/national-origin is a hot issue. It’s analogous to the FATCA issue but with the added twist of FATCA being discrimination against NZers in NZ. The pols can’t take an anti-discrimination stand on the first issue without doing the same on the other.
David Cunliffe (leader of opposition) would be ripe for targeting letters at:
Thnx Moby… Good Point… I was just reading that article tonight…
Wondering if you were around and reading occasionally. I have him on my list and the local Labor guy up here in Northland. Farmer John and I are going to see him, and team up TPP and FATCA playing the sovereignty angle… Might add this to the mix…
‘Wednesday, November 27, 2013
FATCA legislation and agreement is a breach of NZ sovereignty and rights ‘
Thanks for that blog post. I tweeted it to PM John Key and the Labor opposition leader David Cunliffe, who btw, started following me on twitter after I tweeted him about FATCA last night… You never know.. Probably just some staffer mildly interested in an opposition point against National. We shall see.
Jane Kelsey: TPPA end game can only come from dirty compromises
@Just Me, here’s hoping that every scrap of information and criticism helps. At any rate, overall, when I look back at where we were at this time in 2011, I am amazed.
That blog post you found from NZ was right on the money. Just out of interest, how did it pop up on your radar? I’m very keen to see anything like this posted in NZ, but I wouldn’t have seen this had you not found it. Thanks
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The Attorney-General has to report to parliament on rights implications of bills: http://www.legislation.govt.nz/act/public/1990/0109/latest/DLM225503.html
The AG called out another bill today on rights grounds:
I suggest targeting Minister Finlayson to make sure his Section 7 report on the bill implementing FATCA needs to come to a similar conclusion as per the alcohol bill but this time on discrimination grounds.
@Badger… Did you see the question above from Osgood?
I would add a “Me too” to his comment…
Excellent New Comment by John Smith in response to a posting by an FCC New Yorker on the Kiwiwit…
It is the 9th and 10th comment down…
Here Kiwis, rest assured of this claim by the head of your “5 eyes” member in good standing. Would he be expected to say otherwise?
No large-scale collection of Kiwi data by NSA – GCSB head
Maybe they should be asking Snowden instead….
boy oh boy is that kiwi blogspot an interesting and scary read
that chap who is the american fatca lawyer sure puts the pro america might makes right flag waving pro argument
i guess if he is making a living off of fatca however he needs to say that
I see some responses to Dan, not that he will listen. Still can’t leave him unchallenged. 🙂
@osgood and @just me, apologies, haven’t been able to keep up on all the threads here.
It was happy chance I found that I think, though since I am interested in the issue of FATCA as a breach of sovereignty and rights, I might have done this search; (fatca AND sovereignty OR rights)
Or this; fatca AND nz OR “new zealand” , and then add AND sovereignty, as in: fatca AND nz OR “new zealand” AND sovereignty OR rights
Read this and weep…
Update on current IGA reading in Parliament here…
New Zealand IRD has a new information page entitled “The shift to automatic exchange of information between tax administrations”.
Clearly, the OECD direction is being embraced in New Zealand.