US taxman’s long arm threatens costly Kiwi headaches

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New Zealand financial institutions are fighting a United States tax that threatens to saddle them with millions of dollars in regulation costs and could end up costing Kiwi consumers.¬†Outright opposition was not an option because non-compliant institutions would be slapped with hefty withholding penalties. It was “a very likely outcome” that those increased regulatory costs would then be passed on to ordinary consumers.

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