Inland Revenue (IR) has released draft legislation to facilitate compliance with U.S. Foreign Account Tax Compliant Act (FATCA) regulations, Voxy reports, quoting PwC New Zealand FATCA Director Henry Risk, who said, "We welcome the release of the proposed legislation by IR and the New Zealand Government. It offers a solution to the Privacy Act issue.” The legislation will allow New Zealand financial institutions to meet FATCA reporting obligations without breaching the Privacy Act, the report states.
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