Our friends in New Zealand need help. In an e-mail to Just Me (which he forwarded to people in several countries), Osgood said:
The New Zealand government has gone to great lengths to cover this legislation up as much as possible. They are trying to hide it from the parliament, and the New Zealand public. If they receive submissions from overseas this will at least alert them to the fact that their actions have been noticed elsewhere (perhaps more than in this country!). Also, whether they like it or not all submissions received must be made public on the website, and they must be addressed in the Select Committee report to parliament (due in June). It carrys a lot more power than letters to Ministers which can effectively be ignored (as I well know).They are relying on the fact that people are unaware or too busy to make a submission. This is an opportunity not to be missed!Many people that make detailed comments on Brock could simply modify them slightly and cut and paste them into the NZ submission form. It really is not difficult. The detailed analysis that you posted n Brock was great, but may put a lot of people off due to its detail. It is not necessary to go into that detail. New Zealand needs to be made aware that this is a global issue. Other nations, such as Canada are starting to stand up to the bully and need support from countries like New Zealand. Anyone that can report the shock, anxiety and horror at finding out about this would also make a good submission.
Osgood is asking people to make submissions to the New Zealand government–even if we don’t live in New Zealand. Submissions can come from anywhere in the world.
Here’s the link for making submissions
Osgood says submissions will be made public, but it’s possible you can ask that yours not be made public.
Here is more information from Osgood on the situation in New Zealand.
- The NZ cabinet has already agreed to “negotiate” a Model 1 IGA with the US. This has not been subject to consultation or parliamentary process
- NZ has extensive Privacy and Human Rights laws that need to be broken for our FIs to adhere to FATCA
- The NZ gov has introduced a bill to force NZ FIs to comply with the (as yet unsigned) IGA. It does by defining the IGA as a Dual Tax Treaty which overrides domestic Privacy laws. It is not clear how this gets around the Human Rights issues.
- The FATCA section (called Foreign account information-sharing agreements) is buried in the bill which contains much unrelated legislation
- The bill has been referred to Select Committee and is open for public submissions.
A lot of this certainly sounds familiar. Let’s help our Kiwi friends.