News and Media Releases/Publications » Articles » NZ banks work with Australians, Canadians and British on changing 'unworkable' US Foreign Account Tax Compliance Act
NZ banks work with Australians, Canadians and British on changing 'unworkable' US Foreign Account Tax Compliance Act
interest.co.nz
Gareth Vaughan
06.09.2011
View original articleThe New Zealand Bankers' Association (NZBA) is working with its Australian, Canadian and British counterparts as it battles to get the United States government to alter tax proposals that the New Zealand bank lobby group fears could cost the industry here NZ$100 million to comply with.
NZBA acting chief executive and regulatory director Karen Scott-Howman says her organisation is deeply concerned by the impact of the FATCA with its concerns coming in three areas - compliance costs, conflicts with New Zealand laws, and risks to financial stability, both globally and domestically.
