FATCA 'workable' for NZ super
The United States' final Foreign Account Tax Compliance Act (FATCA) regulations have produced a “workable outcome” for New Zealand superannuation and KiwiSaver funds, according to PwC.
Thursday, February 7th 2013, 2:31PM
Given New Zealand has an income tax treaty with the United States, it appears New Zealand superannuation and KiwiSaver funds will generally fall under the definition of "exempt beneficial owners".
“The proposed Inter-Governmental Agreement (IGA), currently being negotiated between New Zealand and the United States, will still be important for financial institutions and managed funds other than superannuation and KiwiSaver funds.
“It does not appear, however, that superannuation and KiwiSaver funds will have to rely on there being an exemption set out in the IGA, although it is likely to contain such an exemption in order to provide both clarity and comprehensive coverage of the IGA.”
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