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This page explains how we'll help you meet your FATCA obligations.
The Intergovernmental Agreement (IGA) with the United States (US) and related changes to New Zealand domestic legislation, now require financial institutions to send their FATCA disclosures directly to us to exchange with the IRS, instead of all financial institutions dealing individually with the IRS. We will provide the secure electronic system to receive and send on the FATCA disclosures.
We are also providing technical guidance to New Zealand financial institutions about their FATCA obligations. However financial institutions are still responsible for understanding and complying with the US and New Zealand requirements.
Most of New Zealand's major trading partners have either entered into or are negotiating similar IGAs with the US. New Zealand has also accepted the US proposal of the more favourable terms offered by the US/British Virgin Islands IGA as being automatically applicable to New Zealand's IGA. A full list of these IGA countries (and the 'more favourable terms' extensions) can be found on the US Treasury website.
In addition the Commissioner is authorised, on behalf of New Zealand, to make certain choices under the IGA. Accordingly, reporting New Zealand financial institutions are permitted to:
This notification is made in accordance with the publication requirements of section 185F of the Tax Administration Act 1994.Cooperation between tax administrations is critical in the fight against tax evasion and the exchange of information is a key aspect of that cooperation.
If you have any questions and would like to receive regular policy and IT updates please email us at email@example.com.