Without fanfare or public announcements, New Zealand’s Inland Revenue Department (IRD) has published technical guidance notes on it’s web site for NZ Tax Agents. It is found under Tax technical information Te parongo mo te take hangarau
- What the Foreign Account Tax Compliance Act is and who it applies to
- How the Foreign Account Tax Compliance Act could affect you or your business
- Inland Revenue’s role in the Foreign Account Tax Compliance Act
- Key dates to know about
- Find out more
Under ‘Inland Revenue’s role’, you will see their note about negotiating the FATCA IGA to reduce compliance burden.
Just as the days of New Zealand standing up to America’s Nukes are eroding, it would appear, that it is just a matter of time before Treasury has another IGA notch on their gun. I rarely hear a peep out of U.S. Persons in NZ, and of course, there is no media coverage. The FATCA round up will be like sheep to shearing shed.