New Zealand

Foreign Account Tax Compliance (FATCA) 

foreign compliance

 

KPMG's professionals can help you understand the requirements of the Foreign Account Tax Compliance Act, the impact on your organisation and the local obligations.

 

FATCA was enacted by the US Congress to prevent offshore tax abuses by U.S. persons.  The rules are wide-ranging and will require non-U.S. financial institutions, investment entities and insurance companies to report details on their US clients and owners.

 
The consequences of non-compliance are substantial and include a punitive 30-percent withholding tax, penalties and interest, as well as reputational damage. Non-financial foreign companies with cross-border payments may also have FATCA-related reporting requirements. 

Contact us

Ceri horwill

 

Ceri Horwill

Partner - Financial Risk Management

 +64 9 367 5348

 +64 21 363 966

     

    Michael Wright

     

    Michael Wright

    Associate Director - Financial Risk Management

     +64 9 363 3570 

    +64 22 043 2094

Cutting through the complextiy of FATCA

FATCA rules and notices can seem complicated and daunting for most financial institutions. KPMG can work with you to cut through the complexity by using a simple assessment, evaluation and implementation methodology. 

 

We can provide a tailored program which meets the immediate and long term needs of your organisation.  The FATCA program will provide an impact assessment and high level design as well as individual work streams for each of the areas covered in the regulation. This includes governance, communications and training support.  The program is scalable to the challenges and solutions you require. 

 

Our practical approach will give you a head start on getting up to speed with FATCA quickly and will help you understand the high impact and complex areas quickly, identify what operational processes are impacted and develop a compliance strategy and plan.

 

Why choose KPMG

  • An experienced local team backed by KPMG’s global network of FATCA experts.
  • An established FATCA methodology to reduce time and costs.
  • Useful tools to accelerate your FATCA program.
  • KPMG's FATCA Academy which provides training tailored to your needs.

FATCA timeline

Expected FATCA timelines for New Zealand - under an Inter-Governmental Agreement.

A successful FATCA project

Follow these steps to successfully progress your FATCA project.

FATCA - Implications and insights for banking

Auckland skyline at night
FATCA’s complex information reporting and withholding obligations will significantly impact multiple functions within NZ banks.

FATCA - The compliance challenge for managed funds

winding steep road
Meeting FATCA's obligations may have significant implications for funds and investment management firms.