An “agreement in substance” has been reached between the United States and New Zealand governments on the implementation on new Foreign Account Tax Compliance Act (FATCA) rules.
The rules go live on July 1 and require financial institutions to report to the United States’ Inland Revenue Service about their US customers.
The inter-government agreement will reduce the compliance cost for New Zealand financial institutions by simplifying the reporting process.
Most financial institutions have put off registering for FATCA until the agreement had been finalised.
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