US tax law bites local banks

National Business Review

Matt Nippert

07.10.2011

Draconian tax laws passed in the US are likely to cost New Zealand banks tens of millions of dollars. New Zealand Bankers' Association chief executive Sarah Mehrtens launched a scathing attack on the Foreign Account Tax Compliance Act and said the law, freshly minted in Washington DC, also posed complications for New Zealand's Privacy Act and threatened financial stability.

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