$100m bill tipped for NZ as US targets offshore tax evaders

Rob Stock

05.06.2011

Complying with the Foreign Account Tax Compliance Act, which comes into force in January 2013, would land institutions with a compliance bill of $100 million the New Zealand Bankers' Association claims. Association chief executive Sarah Mehrtens adds: "This is a big issue for New Zealand. In the case of our banks, the costs of implementing systems to identify all US customers would be very high, and totally disproportionate to any benefit to the US government."

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